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.
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.
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).