Gold and silver slumped to their lowest since 2010 on Friday as the dollar surged against the yen and other major currencies after the Bank of Japan shocked global financial markets by expanding its massive stimulus spending.
Spot gold broke below $1,180 an ounce, a level bullion had held twice during its last two major sell-offs in June and December last year. It also briefly held the mark earlier this month until Friday’s drop.
The yen plunged to a near seven-year low against the U.S. dollar on Friday, putting it on track for its worst day in 18 months, after the Bank of Japan shocked financial markets with an aggressive easing of its monetary policy.
Japanese palladium bar saw a 1.5% increase on Thursday, October 30, reaching JPY 2,756 ($25.31) per gram and making it the biggest upwards shift of the day. After a couple of days of improving prices, the price of US palladium bar held steady at $790.00. Chinese palladium bar stayed flat at around CNY 173.00 ($28.17) per gram.
Today marks the fifth day in a row of rising prices for Japanese platinum bar. After climbing 1.5%, prices settled at JPY 4,436 ($40.74) per gram, driving an accelerated improvement since Friday, October 24. At $1,257 per ounce, US platinum bar fell 1.0% yesterday. Chinese platinum bar finished the day down 0.8% to CNY 264.00 ($42.98) per gram.
The price of Chinese gold bullion fell 1.3% to CNY 238.90 ($38.90) per gram. The price of US gold bullion declined 1.0% to $1,212 per ounce. After two changeless days, the price of Indian gold bullion fell 0.7% to INR 27,188 ($443.49) per 10 grams. At JPY 4,273 ($39.25), the price of Japanese gold bullion finished the market day up 0.3% per gram.
US silver closed 0.6% lower at $17.09 per ounce. After a 0.3% increase, Japanese silver finished the day at JPY 594.00 ($5.46) per 10 grams. Indian silver saw its price rise 0.3% to INR 39,027 ($636.60) per kilogram. The price of Chinese silver remained steady at CNY 3,830 ($623.60) per kilogram.