US Growth Reports Bring Gold Down

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Gold Prices Going Up

Gold prices fell for a third day as gains for the US economy cut demand for the metal as a haven.

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The Thomson Reuters/University of Michigan preliminary December index of consumer sentiment increased to 93.8 from 88.8 last month. That beat economists’ projections. Bullion also declined today as crude futures retreated, cutting demand for gold as a hedge against rising consumer costs.

Futures slumped to a four-year low in November as U.S. growth accelerated, equities rallied and the dollar climbed. Gains for the labor markets are increasing speculation that the Federal Reserve is getting closer to raising interest rates, reducing the allure of gold, which generally offers investors returns through increasing prices.

Strengthening prices ended a two-day flat streak as the price of US platinum bar moved up by 0.7% on Thursday, December 11 to $1,236 per ounce. At CNY 264.00 ($42.74), the price of Chinese platinum bar finished the market day up 0.4% per gram. The price of Japanese platinum bar showed little movement on Thursday at JPY 4,771 ($40.54) per gram.

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US palladium bar finished the day up 0.6% to $812.00 per ounce. Chinese palladium bar gained 0.6% to finish at CNY 180.00 ($29.14) per gram. The price of Japanese palladium bar steadied at JPY 3,107 ($26.40) per gram following two-days of dropping prices.

Following a couple days of improvement, the price of US gold bullion weakened by 0.5%. Prices closed at $1,226 per ounce. After improving for two days, the price of Chinese gold bullion declined 0.3% to CNY 244.30 ($39.55) per gram. The price of Indian gold bullion increased 0.3% to INR 27,304 ($439.33) per 10 grams. At JPY 4,727 ($40.16) per gram, the price of Japanese gold bullion was essentially unchanged.

Indian silver saw its price rise 0.5% to INR 39,292 ($632.22) per kilogram. Chinese silver prices inched up 0.4% to CNY 3,655 ($591.75) per kilogram. The price of US silver closed at $17.05 per ounce. Following a couple days of improvement, the metal’s price weakened by 0.3%. Japanese silver saw little change in its price yesterday at JPY 649.00 ($5.51) per 10 grams.

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