Gold extended losses on Wednesday to trade near a 9-month low and looked likely to break below the key $1,200-an-ounce level, battered by a stronger dollar and lack of support from top buyer China.
With the dollar at a 4-year peak against a basket of major currencies, other precious metals also took a hit. Platinum tumbled to a 5-year low, while silver retained sharp overnight losses to trade at its lowest since March 2010.
The day’s biggest mover was US silver, dropping 2.8% to settle at $16.97 per ounce on Wednesday, October 1. Japanese silver prices saw a 1.1% decline to JPY 608.00 ($5.54) per 10 grams. The price of Indian silver fell 0.2% to INR 38,859 ($627.62) per kilogram. The price of Chinese silver ended a two-day climb, settling at CNY 3,930 ($640.21) per kilogram.
The price of Japanese gold bullion declined 0.5% to JPY 4,262 ($38.86) per gram. At $1,209 per ounce, US gold bullion fell 0.5% yesterday. After a 0.1% increase, Indian gold bullion finished the day at INR 27,000 ($436.08) per 10 grams. The price of Chinese gold bullion remained essentially flat at CNY 241.56 ($39.35) per gram.
Japanese platinum bar closed 1.3% lower at JPY 4,532 ($41.33) per gram. US platinum bar finished the day down 0.4% to $1,294 per ounce. Chinese platinum bar saw little change in its price on Wednesday at CNY 275.00 ($44.80) per gram.
The price of US palladium bar declined 2.3% to $768.00 per ounce. Japanese palladium bar ended the day at JPY 2,790 ($25.44) per gram, after the 1.7% drop on Wednesday. Chinese palladium bar stayed flat at around CNY 175.00 ($28.51) per gram.