Gold Buying Picks Up Ahead of Chinese New Year

Gold prices gained in Asia on Friday as investors eyed demand from the upcoming Chinese New Year, February 19, holidays next week.

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On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.25% to trade at $1,223.80 an ounce.

Also on the Comex, silver futures for March delivery rose 0.42% to trade at $16.865 an ounce.

Overnight, gold extended gains on Thursday, after weaker than expected US retail sales and jobless claims data dampened optimism over the strength of the economic recovery.

On Thursday, February 12, the day’s biggest mover was Indian silver, which saw a 2.8% decline to INR 37,904 ($607.49) per kilogram. The price of US silver declined 0.7% to $16.79 per ounce. Chinese silver prices saw a 0.3% decline to CNY 3,560 ($570.27) per kilogram. Japanese silver finished the day down 0.2% to JPY 642.00 ($5.34) per 10 grams.

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Indian gold bullion ended the day at INR 26,776 ($429.14) per 10 grams, after the 1.3% drop yesterday. Chinese gold bullion closed 1.3% lower at CNY 245.75 ($39.37) per gram. The price of US gold bullion fell 1.3% to $1,218 per ounce. Japanese gold bullion prices saw a 0.5% decline to JPY 4,720 ($39.28) per gram.

The price of Chinese platinum bar fell 1.5% to CNY 258.00 ($41.33) per gram on Thursday after two days of no change. The price of US platinum bar declined 1.2% to $1,191 per ounce. At JPY 4,597 ($38.25) per gram, Japanese platinum bar fell 1.1% on Thursday.

Chinese palladium bar ended the day at CNY 174.00 ($27.87) per gram, after the 0.6% drop yesterday. US palladium bar finished the day down 0.3% to $766.00 per ounce. The price of Japanese palladium bar remained steady at JPY 2,979 ($24.79) per gram.

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