Gold Falls as Crude Oil Stocks Reach a Record High

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Gold pared gains after rising 1% on Wednesday, losing its safe haven appeal on falling oil prices after the precious metal initially garnished support from China’s central bank’s move to stimulate its flagging economy.

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Spot gold dropped more than $4 an ounce within one minute shortly after data showed US crude oil stocks rose to a record high and the futures market later fell below the key $50 a barrel mark.

On Wednesday, February 4, Chinese gold bullion fell by 1.1% to CNY 254.10 ($40.62) per gram, making it the day’s biggest mover. At $1,260 per ounce, US gold bullion fell 1.1% on Wednesday. Indian gold bullion closed 1.0% lower at INR 27,475 ($445.87) per 10 grams. Japanese gold bullion prices saw a 0.5% decline to JPY 4,775 ($40.58) per gram.

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US silver prices inched up 0.5% to $17.27 per ounce. Indian silver finished the day up 0.2% to INR 38,564 ($625.82) per kilogram. After falling for two days, the price of Japanese silver rose 0.2% to JPY 646.00 ($5.49) per 10 grams. The price of Chinese silver declined 0.1% to CNY 3,595 ($574.67) per kilogram.

The price of Japanese platinum bar is back up, rising by 1.0% on Wednesday to close at JPY 4,666 ($39.66) per gram. The price of US platinum bar increased 0.5% to $1,231 per ounce. Chinese platinum bar prices rose 0.4% to CNY 265.00 ($42.36) per gram.

Chinese palladium bar finished the day down 0.6% to CNY 176.00 ($28.13) per gram. The price of Japanese palladium bar remained steady at JPY 2,944 ($25.02) per gram. At $785.00 per ounce, the price of US palladium bar was essentially unchanged.

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