Gold soared this week, nearing the $1,200 level for the first time since late October.
Moody’s Investors Service on Monday downgraded Japan’s sovereign debt rating by one notch to A1, citing rising uncertainty over the country’s ability to hit its debt-reduction goal. The announcement briefly sent the yen to a seven-year low against the dollar and pushed 10-year Japanese government bond (JGB) futures down by 10 ticks.
Japanese silver saw a 9.9% increase on Wednesday, December 3, reaching JPY 619.00 ($5.19) per 10 grams and making it the biggest upwards shift of the day. Indian silver finished the day up 0.6% to INR 37,660 ($609.41) per kilogram. At $16.46 per ounce, the price of US silver was essentially unchanged. Chinese silver stayed flat at around CNY 3,500 ($569.34) per kilogram.
Finishing at JPY 4,597 ($38.56) per gram, Japanese gold bullion made a large daily increase of 4.5%. US gold bullion closed 1.2% lower at $1,199 per ounce. Following a couple days of improvement, the price of Indian gold bullion weakened by 0.6%. Prices closed at INR 26,923 ($435.66) per 10 grams. Chinese gold bullion finished the day down 0.3% to CNY 237.59 ($38.65) per gram.
Japanese platinum bar gained 2.3% to finish at JPY 4,657 ($39.07) per gram. The price of US platinum bar declined 1.8% to $1,212 per ounce. At CNY 255.00 ($41.48) per gram, Chinese platinum bar fell 1.2% yesterday.
The price of Japanese palladium bar increased 2.1% to JPY 3,130 ($26.26) per gram. After improving for two days, the price of US palladium bar declined 0.5% to $801.00 per ounce. Chinese palladium bar saw little change in its price yesterday at CNY 177.00 ($28.79) per gram.