One-Day Rally Doesn’t Hold For Gold, Silver Prices

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Gold, silver and bronze

Gold fell by the markets’ closing yesterday, paring gains from the biggest one-day rally in more than a year, as a stronger dollar curbed demand for the metal as a protection of wealth. Silver and platinum dropped.

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The Bloomberg Dollar Spot Index rose for the third time in four days, extending gains before employment data this week that analysts said will show the US economy added more than 200,000 jobs for the 10th consecutive month in November. Lower oil prices also weighed on gold prices amid concerns about deflation.

With a decline of 9.0% to JPY 563.00 ($4.74) per 10 grams on Monday, December 1, Japanese silver recorded the biggest price drift of the day. Chinese silver saw its price drop 6.0% to a 30-day low of CNY 3,235 ($526.58) per kilogram yesterday. The price of US silver fell 1.5% to $16.30 per ounce. The price of Indian silver rose 0.8% to INR 37,350 ($600.38) per kilogram after a two-day drop.

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At CNY 227.90 ($37.10) per gram, Chinese gold bullion fell 2.9% on Monday. Japanese gold bullion finished the day down 2.2% to JPY 4,399 ($37.01) per gram. The price of Indian gold bullion is back up, rising by 0.6% on Monday to close at INR 26,286 ($422.53) per 10 grams. The price of US gold bullion declined 0.2% to $1,196 per ounce.

Japanese platinum bar closed 1.2% lower at JPY 4,553 ($38.31) per gram. Chinese platinum bar ended the day at CNY 252.00 ($41.02) per gram, after the 1.2% drop yesterday. The price of US platinum bar showed little movement yesterday at $1,225 per ounce.

Japanese palladium bar saw its price rise 0.7% to JPY 3,065 ($25.79) per gram. At $802.00, the price of US palladium bar finished the market day up 0.2% per ounce. Chinese palladium bar stayed flat at around CNY 176.00 ($28.65) per gram.

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