Gold and Silver Continue to Fall

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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.

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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).

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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.

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