Gold, Silver Consolidating As Economic Numbers Come Out

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Gold prices consolidated during early Monday morning sessions on the London Metal Exchange, as strong equity markets and the US dollar weighed on prices.

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In data to be released later today there will be German business climate numbers, European Union M3 money supply and private loans, which could affect precious metals prices.

The spot gold price was last at $1,228.40/1,229.2 per ounce, a $2.5 loss on Friday’s close. The euro was last at 1.2690 against the dollar.

At INR 42,099 ($686.71) per kilogram, Indian silver moved up 8.6% on Friday, October 24, the day’s biggest change. The price of Chinese silver fell 0.3% to CNY 3,840 ($625.23) per kilogram. US silver prices inched up 0.1% to $17.20 per ounce. The price of Japanese silver showed little movement last Friday at JPY 597.00 ($5.48) per 10 grams.

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Chinese gold bullion closed 1.0% lower at CNY 242.30 ($39.45) per gram. The price of US gold bullion declined 0.7% to $1,232 per ounce. Indian gold bullion saw little change in its price last Friday at INR 27,575 ($449.80) per 10 grams. At JPY 4,290 ($39.40) per gram, the price of Japanese gold bullion was essentially unchanged.

At CNY 264.00 ($42.98) per gram, Chinese platinum bar fell 0.8% last Friday. Japanese platinum bar finished the day down 0.7% to JPY 4,378 ($40.21) per gram. US platinum bar ended the day at $1,252 per ounce, after the 0.2% drop last Friday.

US palladium bar gained 1.8% to finish at $778.00 per ounce. The price of Chinese palladium bar increased 0.6% to CNY 170.00 ($27.68) per gram. The price of Japanese palladium bar saw little movement at JPY 2,677 ($24.59) per gram.

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