Gold Up as Dollar Weakens (a Little)

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Gold edged up on Monday on buying interest from Asia and as the dollar retreated, but gains were kept in check by stronger equities that dulled the metal’s safe-haven appeal.

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Strength in oil prices also supported bullion, but gains in gold could be difficult to hold due to expectations of higher US interest rates and a strong outlook for the dollar, Reuters reported.

The price of Japanese platinum bar rose 1.7% on Friday, December 19, making it the day’s biggest mover. After two days of falling prices, it closed at JPY 4,590 ($38.59) per gram. The price of Chinese platinum bar is back up, rising by 0.4% last Friday to close at CNY 256.00 ($41.20) per gram. The price of US platinum bar remained steady at $1,192 per ounce.

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Following a 1.1% rise last Friday, the price of Chinese palladium bar closed at CNY 176.00 ($28.33) per gram. At JPY 3,116 ($26.20) per gram, the price of Japanese palladium bar was essentially unchanged. US palladium bar saw little change in its price last Friday at $780.00 per ounce.

After falling for two days, the price of Japanese gold bullion rose 1.6% to JPY 4,572 ($38.44) per gram. Indian gold bullion finished the day down 1.2% to INR 26,849 ($426.21) per 10 grams. The price of Chinese gold bullion steadied at CNY 240.25 ($38.67) per gram following two-days of increases. US gold bullion held its value last Friday at $1,195 per ounce.

Chinese silver gained 0.9% to finish at CNY 3,455 ($556.06) per kilogram. Indian silver ended the day at INR 37,213 ($590.73) per kilogram, after the 0.6% drop last Friday. Japanese silver stayed flat at around JPY 606.00 ($5.10) per 10 grams. The price of US silver held steady at $15.71 per ounce.

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