Gold, Silver Fall as Strong Dollar Offsets Greece, Euro Concerns

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Gold dipped on Tuesday as an uptick in the dollar offset the supportive impact of concerns over Greece’s future in the euro zone and fears over escalating violence in Ukraine, which hurt risk appetite.

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A 0.2% in the dollar against its currency basket led gold to stall after the previous day’s rise, preventing a steeper recovery from Friday’s three-week low.

Spot gold was down 0.2% at $1,236.30 an ounce this morning, while US gold futures for April delivery were down $4.90 an ounce also at $1,236.60.

Prices slid to $1,228.25 on Friday after upbeat US jobs data fuelled expectations that the Federal Reserve will raise interest rates this year, overriding concerns, Reuters reported.

On Monday, February 9, the day’s biggest mover was US silver, which saw a 3.7% decline to $16.68 per ounce. The price of Chinese silver fell 1.7% to CNY 3,555 ($569.62) per kilogram. Japanese silver prices saw a 1.4% decline to JPY 640.00 ($5.38) per 10 grams. The price of Indian silver declined 1.1% to INR 37,881 ($611.27) per kilogram.

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US gold bullion prices saw a 2.5% decline to $1,233 per ounce. The price of Chinese gold bullion declined 2.1% to CNY 249.45 ($39.97) per gram. Indian gold bullion finished the day down 1.1% to INR 27,180 ($438.60) per 10 grams. Japanese gold bullion closed 1.1% lower at JPY 4,728 ($39.73) per gram.

Following two days of rising prices, the price of Chinese platinum bar dropped 2.2% to CNY 262.00 ($41.98) per gram. At $1,220 per ounce, US platinum bar fell 1.6% yesterday. The price of Japanese platinum bar fell 1.2% to JPY 4,659 ($39.15) per gram.

The price of Japanese palladium bar finished the day at JPY 3,035 ($25.51) per gram following a 3.1% increase. Chinese palladium bar ended the day at CNY 176.00 ($28.20) per gram, after the 1.1% drop on Monday. The price of US palladium bar declined 0.9% to $782.00 per ounce.

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