Barclays: Don’t Expect Gold Prices To Go Back Up

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Barclays said recently it expects gold prices to test new lows in 2015 as the yellow metal battles with a strengthening dollar and the first interest rate hike in 9 years by the Federal Reserve.

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The bank forecasts prices to average $1,170 per ounce, down from its earlier view of $1,180. It forecast the 2016 gold price to be at $1,150 an ounce.

The price of US palladium bar fell 4.9% on Thursday, January 15 to $774.00 per ounce, making it the day’s biggest mover. The price of Japanese palladium bar remained essentially flat at JPY 3,095 ($26.27) per gram. After a couple of days of improving prices, the price of Chinese palladium bar held steady at CNY 179.00 ($28.90).

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Weakening prices followed two days of improvement as the price of US platinum bar dropped 0.8% to $1,225 per ounce. Following a two-day rise, the price of Chinese platinum bar flattened at CNY 263.00 ($42.46). The price of Japanese platinum bar flattened at JPY 4,726 ($40.12) after two days of improvement.

The price of US gold bullion changed direction with a 0.1% drop. After two days of improving prices, the metal finished at $1,229 per ounce. At CNY 245.25 ($39.59) per gram, the price of Chinese gold bullion was essentially unchanged. The price of Indian gold bullion flattened at INR 27,020 ($436.02) per 10 grams after two days of downward movement. Japanese gold bullion saw little change in its price on Thursday at JPY 4,709 ($39.97) per gram.

Following two days of rising prices, the price of US silver dropped 1.5% to $16.84 per ounce. The price of Chinese silver ended a two-day climb, settling at CNY 3,575 ($577.16) per kilogram. The price of Indian silver steadied at INR 37,900 ($611.58) per kilogram following two-days of increases. The price of Japanese silver showed little movement on Thursday at JPY 635.00 ($5.39) per 10 grams.

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