Fed Inaction Precipitates Big Drop for Silver

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Silver prices fell today as weekly jobless claims fell and after Federal Reserve on Wednesday assured investors it wouldn’t be rash in raising rates and as it said the precipitous drop in oil prices would have a net positive impact on consumers.

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In the week ended Dec. 13, jobless claims fell by 6,000 to 289,000, beating the expected 295,000 claims. The consensus range was between 288,000 and 300,000, according to data compiled by Econoday.

On Wednesday, December 17, the day’s biggest mover was US silver, which saw a 6.9% decline to $15.71 per ounce. Japanese silver prices fell 5.0%, landing at JPY 606.00 ($5.20) per 10 grams yesterday. Indian silver ended the day at INR 37,505 ($588.99) per kilogram, after the 2.8% drop yesterday. Chinese silver closed 1.9% lower at CNY 3,425 ($553.47) per kilogram.

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Indian gold bullion fell 3.5% to INR 27,310 ($428.88) per 10 grams. After two changeless days, the price of Japanese gold bullion fell 2.9% to JPY 4,509 ($38.66) per gram. The price of Chinese gold bullion rose 0.3% to CNY 239.05 ($38.63) per gram after a two-day drop. The price of US gold bullion is back up, rising by 0.1% yesterday to close at $1,195 per ounce.

At JPY 4,561 ($39.11) per gram, Japanese platinum bar fell 2.0% yesterday. The price of US platinum bar fell 0.6% to $1,192 per ounce. Chinese platinum bar prices saw a 0.4% decline to CNY 256.00 ($41.37) per gram.

The price of Japanese palladium bar increased 3.2% to JPY 3,205 ($27.48) per gram. Declining prices continue for US palladium bar. It closed at $780.00 per ounce only after falling further, this time by 2.0%. Chinese palladium bar finished the day down 1.7% to CNY 175.00 ($28.28) per gram.

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