Gold, Euro Rise After Report of German Economic Uber-Confidence

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Gold for December delivery rose 1.2% to $1,197.10 an ounce, the highest settlement since Oct. 30 for the most actively traded gold contract on the Comex division of the New York Mercantile Exchange yesterday.

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Germany’s ZEW index, a widely followed measure of economic confidence, rose in November for the first time in almost a year, suggesting an upturn in the region’s prospects after a year of weakness, according to the Wall Street Journal. The unexpected gain gave the euro a boost and weighed on the dollar. A weaker dollar helps lift prices for gold.

Japanese silver saw the biggest price decline of the day, dropping 1.2% to close at JPY 598.00 ($5.12) per 10 grams on Wednesday, November 19. At INR 36,654 ($593.71), the price of Indian silver finished the market day up 0.4% per kilogram. Chinese silver saw its price rise 0.3% to CNY 3,490 ($570.07) per kilogram. The price of US silver increased 0.3% to $16.19 per ounce.

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US gold bullion prices inched up 0.9% to $1,198 per ounce. Indian gold bullion finished the day up 0.6% to INR 26,806 ($434.20) per 10 grams. Japanese gold bullion prices inched up 0.6% to JPY 4,450 ($38.07) per gram. Chinese gold bullion gained 0.3% to finish at CNY 234.95 ($38.38) per gram.

US platinum bar prices rose 0.6% to $1,203 per ounce. At JPY 4,502 ($38.52), the price of Japanese platinum bar finished the market day up 0.3% per gram. The price of Chinese platinum bar remained essentially flat at CNY 252.00 ($41.16) per gram.

The price of US palladium bar increased 0.5% to $771.00 per ounce. After a 0.4% increase, the price of Japanese palladium bar finished the day at JPY 2,860 ($24.47) per gram. Chinese palladium bar held its value yesterday at CNY 169.00 ($27.60) per gram.

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