Asian Demand Comes to Gold, Silver’s Rescue

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Gold, silver and bronze

Gold prices gained on Thursday in Asia as investors eyed Asian Demand.

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On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.62% to $1,209.00 an ounce. Chinese buyers returned to markets after a week-long break for the Lunar New Year. China is the second-largest buyer of the precious metal in the world.

On Wednesday, February 25, the day’s biggest mover was Indian silver, which saw a 1.7% increase to INR 36,958 ($595.18) per kilogram. The price of Japanese silver increased 0.8% to JPY 623.00 ($5.24) per 10 grams. US silver prices rose 0.8% to $16.49 per ounce. The price of Chinese silver held steady at CNY 3,640 ($582.57) per kilogram.

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At INR 26,642 ($429.05), the price of Indian gold bullion finished the market day up 0.5% per 10 grams. The price of US gold bullion rose 0.5% to $1,205 per ounce after a two-day drop. Japanese gold bullion prices inched up 0.4% to JPY 4,613 ($38.80) per gram. The price of Chinese gold bullion saw essentially no change for the fifth day in a row, remaining around CNY 247.91 ($39.68) per gram.

After a 0.6% increase, Japanese platinum bar finished the day at JPY 4,495 ($37.80) per gram. After falling for two days, the price of US platinum bar rose 0.2% to $1,164 per ounce. The price of Chinese platinum bar saw little movement at CNY 259.00 ($41.45) per gram.

US palladium bar gained 1.7% to finish at $800.00 per ounce. Japanese palladium bar saw its price rise 0.9% to JPY 3,061 ($25.74) per gram. The price of Chinese palladium bar was unchanged at CNY 174.00 ($27.85) per gram.

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