Gold Slips After January Rally

Gold prices slipped on Monday as buyers cashed in gains after the metal posted its biggest monthly rise in 3 years in January, but a shaky outlook for the global economy underpinned its appeal as a haven from risk.

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The initial rally rally was sparked by concerns over the European economy after the Swiss National Bank scrapped the franc’s peg to the euro, the European Central Bank announced quantitative easing and Greece elected the anti-bailout Syriza party.

With a decline of 6.4% to INR 37,380 ($604.89) per kilogram on Friday, January 30, Indian silver recorded the biggest price drift of the day. A $1.05 price decline in the US silver left the price at $16.91 per ounce. Chinese silver fell 4.5% to CNY 3,575 ($572.39) per kilogram. Japanese silver finished the day down 0.3% to JPY 667.00 ($5.64) per 10 grams.

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At INR 27,452 ($444.24) per 10 grams, Indian gold bullion fell 2.1% last Friday. US gold bullion ended the day at $1,258 per ounce, after the 2% drop last Friday. The price of Chinese gold bullion declined 1.7% to CNY 253.70 ($40.62) per gram. The price of Japanese gold bullion fell 0.9% to JPY 4,848 ($40.99) per gram.

The price of US platinum bar declined 2.5% to $1,218 per ounce. Chinese platinum bar ended the day at CNY 264.00 ($42.27) per gram, after the 1.5% drop last Friday. Japanese platinum bar closed 0.7% lower at JPY 4,731 ($40.00) per gram.

The price of US palladium bar closed at $771.00 per ounce. Following a couple days of improvement, the metal’s price weakened by 2.8%. Chinese palladium bar prices saw a 2.2% decline to CNY 174.00 ($27.86) per gram. Japanese palladium bar held its value last Friday at JPY 2,950 ($24.94) per gram.

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