Gold prices hit a fresh 4-week high Tuesday, as investors rushed into the metal amid gloomy economic data and turbulent stock markets in Europe and Asia.
Gold for December delivery, the most actively traded contract, closed up $4.30, or 0.3%, at $1234.30 a troy ounce in the Comex division of the New York Mercantile Exchange. Earlier in the session, prices hit $1238.60, their highest level since Sept. 17.
Factory output in the eurozone slumped in August, data showed Tuesday, offering more proof that the region’s economy is stagnating, increasing the metal’s value as a hedge, the Wall Street Journal reported.
With a 1.2% increase on Tuesday, October 14, US gold bullion was the biggest mover on the Global Precious Metals MMI®. Indian gold bullion prices saw a 0.3% decline to INR 27,221 ($444.03) per 10 grams. The price of Chinese gold bullion showed little movement yesterday at CNY 243.94 ($39.72) per gram. The price of Japanese gold bullion remained essentially flat at JPY 4,240 ($38.94) per gram.
US silver gained 0.6% to finish at $17.50 per ounce. Indian silver closed 0.6% lower at INR 39,285 ($640.81) per kilogram. The price of Chinese silver closed at CNY 3,930 ($639.88) per kilogram. Following a couple days of improvement, the metal’s price weakened by 0.3%. Japanese silver stayed flat at around JPY 600.00 ($5.51) per 10 grams.
Following two days of downward movement, the price of US platinum bar held steady at $1,259 per ounce. The price of Chinese platinum bar held steady at CNY 268.00 ($43.64) per gram. Japanese platinum bar held its value on Tuesday at JPY 4,378 ($40.21) per gram.
After falling for two days, the price of US palladium bar rose 0.3% to $781.00 per ounce. The price of Japanese palladium bar remained steady at JPY 2,742 ($25.19) per gram. At CNY 174.00 ($28.33) per gram, the price of Chinese palladium bar was essentially unchanged.