Gold prices reversed losses Wednesday as investors locked in gains on bets that the metal’s price would decline following gold’s recent steep downturn, the Wall Street Journal reported.
Gold for December delivery, the most actively traded contract, was recently up $1.70, or 0.2%, at $1,213.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices fell to $1,205 an ounce earlier in the session.
With the US economy steaming ahead while Europe and Asia stalls, investors expect the Federal Reserve to raise interest rates next year, a move that makes the dollar more attractive.
The price of Chinese palladium bar rose 1.7% on Tuesday, September 30, making it the day’s biggest mover. After two days of falling prices, it closed at CNY 175.00 ($28.46) per gram. The price of Japanese palladium bar flattened at JPY 2,839 ($25.95) following two-days of declines. The price of US palladium bar flattened at $786.00 per ounce after two days of downward movement.
After a 0.4% increase, Chinese platinum bar finished the day at CNY 275.00 ($44.72) per gram. US platinum bar prices saw a 0.3% decline to $1,299 per ounce. At JPY 4,590 ($41.96) per gram, the price of Japanese platinum bar was essentially unchanged.
US gold bullion finished the day down 0.2% to $1,215 per ounce. Indian gold bullion saw its price rise 0.2% to INR 26,966 ($437.29) per 10 grams. Chinese gold bullion finished the day up 0.1% to CNY 241.56 ($39.28) per gram. Japanese gold bullion stayed flat at around JPY 4,285 ($39.17) per gram.
US silver closed 0.4% lower at $17.46 per ounce. The price of Indian silver fell 0.4% to INR 38,945 ($631.54) per kilogram. Chinese silver prices inched up 0.1% to CNY 3,930 ($639.03) per kilogram. The price of Japanese silver steadied at JPY 615.00 ($5.62) per 10 grams following two-days of dropping prices.