Oil prices resumed their downward march, doubling back on the biggest 1-day gain in over 2 years after Saudi Arabia’s powerful oil minister said OPEC would not cut production at any price. The fall in oil was no help for silver and gold.
US home resales tumbled to a six-month low in November after two straight months of strong increases, underscoring the uneven nature of the housing market recovery.
With a decline of 3.9% to INR 36,138 ($571.56) per kilogram on Tuesday, December 23, Indian silver recorded the biggest price drift of the day. Chinese silver ended the day at CNY 3,405 ($547.17) per kilogram, after the 1.4% drop yesterday. Following three days of little change, the price of Japanese silver rose by 1.3% to JPY 614.00 ($5.11) per 10 grams. US silver finished the day up 0.7% to $15.68 per ounce.
At INR 27,073 ($428.19) per 10 grams, Indian gold bullion fell 2.4% on Tuesday. The price of Chinese gold bullion closed Tuesday at CNY 236.60 ($38.02) per gram, halting its two-day flat run with a 1.5% decline. US gold bullion finished the day down 0.2% to $1,177 per ounce. Following a two-day rise, the price of Japanese gold bullion flattened at JPY 4,598 ($38.26).
Weakening prices followed two days of improvement as the price of Chinese platinum bar dropped 1.6% to CNY 253.00 ($40.66) per gram. The price of US platinum bar declined 0.3% to $1,175 per ounce. The price of Japanese platinum bar steadied at JPY 4,604 ($38.31) per gram following two-days of increases.
The price of Japanese palladium bar rose by 1.0% to JPY 3,146 ($26.18) per gram. Chinese palladium bar saw its price rise 0.6% to CNY 180.00 ($28.93) per gram. US palladium bar prices saw a 0.5% decline to $809.00 per ounce.