Federal Reserve May Leave Interest Rates Unchanged, US Gold Price Gains 1%

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Gold Prices Going Up

Gold prices advanced Thursday as traders’ hopes that the Federal Reserve would delay raising interest rates outweighed pressure from a potential debt deal for Greece.

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Gold prices marched higher after Federal Open Market Committee meeting minutes released Wednesday showed that many officials were inclined to put off raising interest rates for longer than expected. The central bank is widely expected to raise interest rates in the second half of the year, though the dovish minutes soothed fears a move would come as early as June.

Japanese silver saw the biggest price decline of the day, dropping 3.4% to close at JPY 628.00 ($5.29) per 10 grams on Thursday, February 19. The price of Indian silver declined 1.6% to INR 36,869 ($593.85) per kilogram. The price of US silver increased 0.9% to $16.51 per ounce. Chinese silver stayed flat at around CNY 3,640 ($582.05) per kilogram.

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Following a 1.2% rise on Thursday, the price of Indian gold bullion closed at INR 26,771 ($431.20) per 10 grams. After falling for two days, the price of US gold bullion rose 1.0% to $1,211 per ounce. The price of Japanese gold bullion is back up, rising by 0.4% yesterday to close at JPY 4,640 ($39.09) per gram. The price of Chinese gold bullion remained essentially flat at CNY 247.91 ($39.64) per gram.

The price of Japanese platinum bar rose 0.3% to JPY 4,484 ($37.77) per gram after a two-day drop. The price of US platinum bar is back up, rising by 0.3% on Thursday to close at $1,165 per ounce. Chinese platinum bar held its value on Thursday at CNY 259.00 ($41.42) per gram.

Japanese palladium bar prices saw a 1.4% decline to JPY 3,056 ($25.74) per gram. The price of US palladium bar rose 0.3% to $778.00 per ounce after a two-day drop. The price of Chinese palladium bar held steady at CNY 174.00 ($27.82) per gram.

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