Gold and Silver Continue to Collapse, Diwali to the Rescue

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Prices for gold and other precious metals fell late last week, as a selloff in equity markets pushed nervous investors into the dollar amid global growth concerns, but the wedding season in India is causing prices of gold, at least, to rise today.

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Gold is currently getting a boost and is set to snap 2 straight losing sessions, boosted by renewed physical demand related to Diwali, India’s major bullion-buying event this week.

Earlier, gold rose to a high of $1,248.44 an ounce, near a 1-month high as physical bullion demand picked up ahead of Diwali on Wednesday and the start of the Indian wedding season, when demand is traditionally the strongest.

Chinese gold bullion saw a 7.8% drop on Friday, October 17, landing at CNY 244.42 ($39.80) per gram and making it the biggest mover of the day. The price of US gold bullion fell 0.2% to $1,239 per ounce. Japanese gold bullion stayed flat at around JPY 4,237 ($38.92) per gram. Indian gold bullion saw little change in its price last Friday at INR 27,594 ($450.11) per 10 grams.

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Chinese silver prices saw a 0.6% decline to CNY 3,895 ($634.18) per kilogram. The price of US silver fell 0.5% to $17.36 per ounce. At INR 39,465 ($643.75) per kilogram, Indian silver fell 0.2% last Friday. After falling for two days, the price of Japanese silver rose 0.2% to JPY 591.00 ($5.43) per 10 grams.

Japanese platinum bar finished the day down 1.2% to JPY 4,266 ($39.18) per gram. US platinum bar ended the day at $1,241 per ounce, after the 1.0% drop last Friday. The price of Chinese platinum bar rose 0.4% to CNY 266.00 ($43.31) per gram after a two-day drop.

US palladium bar prices fell 3.1%, landing at $738.00 per ounce last Friday. The price of Japanese palladium bar fell 2.4% last Friday to JPY 2,677 ($24.59) per gram. Chinese palladium bar closed 2.4% lower at CNY 166.00 ($27.03) per gram.

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