Gold Futures Experiencing End-of-Year Price Spike

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The price of gold is now up about $25 an ounce on the Comex Division of the New York Mercantile Exchange.

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In morning trading on Tuesday, gold futures spiked from about $1,185 an ounce to north of $1,200 in a few minutes, a gain of more than 1.5%.

Around 10 AM eastern, gold took another jump, climbing to nearly $1,210 an ounce, bringing its gain in just a few hours on Tuesday morning to about $25 an ounce.

The price of Japanese silver closed as the biggest mover for Monday, December 29. Switching from a downward trend, the metal closed at JPY 617.00 ($5.12) per 10 grams following a 1.8% increase. US silver closed 1.5% lower at $15.91 per ounce. Indian silver prices inched up 1.1% to INR 37,948 ($596.44) per kilogram. Chinese silver rose 1.0% to CNY 3,425 ($549.76) per kilogram. This marked the fifth day in a row of increasing prices and the improvement has accelerated since Tuesday, December 23.

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After a 1.1% increase, Chinese gold bullion finished the day at CNY 240.00 ($38.52) per gram. The price of US gold bullion declined 0.9% to $1,184 per ounce. After falling for two days, the price of Japanese gold bullion rose 0.7% to JPY 4,581 ($38.04) per gram. Indian gold bullion finished the day up 0.7% to INR 27,248 ($428.27) per 10 grams.

Japanese platinum bar prices rose 1.3% to JPY 4,655 ($38.65) per gram. Chinese platinum bar saw its price rise 0.8% to CNY 259.00 ($41.57) per gram. At $1,204 per ounce, US platinum bar fell 0.7% yesterday.

At JPY 3,174 ($26.35), the price of Japanese palladium bar finished the market day up 0.8% per gram. US palladium bar finished the day down 0.5% to $812.00 per ounce. The price of Chinese palladium bar remained essentially flat at CNY 182.00 ($29.21) per gram.

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