Falling Price of Crude Oil Latest Problem for Gold and Silver

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Gold, silver and bronze

Gold fell on Monday, hovering near a 4-year low, as the combination of tumbling crude oil prices and a strong US dollar rally extended gold’s losses to a fourth consecutive session.

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An unexpected acceleration of US manufacturing activity in October deepened market speculation the US Federal Reserve will raise interest rates sooner than expected.

“The prospect of firmer rates, coupled with our expectation for a stronger dollar, present significant headwinds for gold,” Suki Cooper, precious metals analyst at Barclays Capital, told Reuters.

Decreasing 4.9% made Chinese silver the biggest mover of the day, finishing at CNY 3,520 ($573.13) per kilogram on Monday, November 3. US silver ended the day at $16.07 per ounce, after the 2.3% drop yesterday. Indian silver gained 1.2% to finish at INR 38,024 ($620.24) per kilogram. Japanese silver closed 1.0% lower at JPY 586.00 ($5.38) per 10 grams.

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The price of Chinese gold bullion fell 2.6% to a 30-day low of CNY 229.55 ($37.38) per gram on Monday. US gold bullion prices saw a 2.5% decline to $1,169 per ounce. Indian gold bullion finished the day down 0.6% to INR 26,334 ($429.56) per 10 grams. The price of Japanese gold bullion declined 0.2% to JPY 4,226 ($38.82) per gram.

The price of Chinese platinum bar fell 0.8% to CNY 258.00 ($42.01) per gram. US platinum bar prices saw a 0.2% decline to $1,238 per ounce. Japanese platinum bar closed 0.1% lower at JPY 4,408 ($40.49) per gram.

The price of US palladium bar increased 3.0% to $799.00 per ounce. At CNY 174.00 ($28.33), the price of Chinese palladium bar finished the market day up 1.8% per gram. The price of Japanese palladium bar fell 0.2% to JPY 2,750 ($25.26) per gram.

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