Gold Drops, Near a 4-Year Low Again

by on

Gold fell on Monday to near a recent 4-year low as the dollar index rose to its highest since mid-2010 on speculation that the  Federal Reserve will act before other major central banks to tighten monetary policy.

FREE Download: The Monthly MMI® Report – covering the Precious markets.

Silver prices also tumbled, with the metal touching its lowest since March 2010 at $15.72 an ounce and its cheapest level compared to gold in more than 5 years.

The day’s biggest mover was Indian silver, dropping 3.7% to settle at INR 37,581 ($613.02) per kilogram on Friday, October 31. US silver took a large hit on last Friday, sliding down 3.7% before landing at $16.46 per ounce. After falling 3.4% to CNY 3,700 ($602.43) per kilogram, the price of Chinese silver reached a 30-day low. After improving for two days, the price of Japanese silver declined 0.3% to JPY 592.00 ($5.44) per 10 grams.

* Get the complete prices every day on the MetalMiner IndX℠

Indian gold bullion closed 2.6% lower at INR 26,491 ($432.12) per 10 grams. The price of Chinese gold bullion fell to a 30-day low at CNY 235.70 ($38.38) per gram after shifting 1.3%. The price of US gold bullion fell 1.1% to $1,199 per ounce. Japanese gold bullion prices saw a 0.9% decline to JPY 4,235 ($38.90) per gram.

Chinese platinum bar finished the day down 1.5% to CNY 260.00 ($42.33) per gram. US platinum bar closed 1.4% lower at $1,240 per ounce. Following a couple days of improvement, the price of Japanese platinum bar weakened by 0.5%. Prices closed at JPY 4,414 ($40.54) per gram.

The price of US palladium bar declined 1.8% to $776.00 per ounce. Chinese palladium bar ended the day at CNY 171.00 ($27.84) per gram, after the 1.2% drop last Friday. Following a two-day rise, the price of Japanese palladium bar flattened at JPY 2,756 ($25.31).

{Comments Off on Gold Drops, Near a 4-Year Low Again Comments Off on Gold Drops, Near a 4-Year Low Again}