Lunar New Year Makes Gold Prices Wax and Wane

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Gold Prices Going Up

Gold prices fell Tuesday, with thinner volumes seen as the market approaches the Lunar New Year.

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Gold for April delivery, the most actively traded contract, was down 1.1% at $1,213.60 an ounce on the Comex division of the New York Mercantile Exchange.

China vies with India for the top spot in terms of global consumption of the yellow metal, and the absence of traders at their desks during the extended holiday tends to mean lower demand and lower prices.

For Monday, February 16, US gold bullion traded sideways, keeping at $1,231 per ounce. The price of Chinese gold bullion held steady at CNY 248.10 ($39.78) per gram. The price of Indian gold bullion showed little movement last Friday at INR 26,912 ($433.54) per 10 grams. The price of Japanese gold bullion flattened at JPY 4,692 ($39.57) following two-days of declines.

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Chinese silver stayed flat at around CNY 3,610 ($578.85) per kilogram. At INR 39,120 ($630.20) per kilogram, the price of Indian silver was essentially unchanged. The price of Japanese silver remained essentially flat at JPY 658.00 ($5.55) per 10 grams. US silver held its value last Friday at $17.30 per ounce.

Chinese platinum bar saw little change in its price last Friday at CNY 259.00 ($41.53) per gram. The price of US platinum bar held steady at $1,204 per ounce. The price of Japanese platinum bar showed little movement last Friday at JPY 4,610 ($38.88) per gram.

At JPY 3,091 ($26.07) per gram, the price of Japanese palladium bar was essentially unchanged. US palladium bar stayed flat at around $788.00 per ounce. The price of Chinese palladium bar remained steady at CNY 174.00 ($27.90) per gram.

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