Dollar Gains Setting Back Gold and Silver’s Comebacks

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Gold stayed below $1,200 per ounce on Monday, retaining overnight losses as a robust US nonfarm payrolls report boosted the dollar to a more than 5-year high, denting bullion’s appeal as a hedge.

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Investors fear the strength in the economy could draw the Federal Reserve closer to raising interest rates and decrease demand for gold, a non-interest-bearing asset.

Closing at CNY 283.30 ($46.04) per gram on the Friday, December 5, Chinese gold bullion rose 18.5% to finish as the day’s biggest mover. The price of Indian gold bullion fell 1.1% to INR 26,710 ($432.72) per 10 grams. US gold bullion closed 0.3% lower at $1,207 per ounce. Following a two-day rise, the price of Japanese gold bullion flattened at JPY 4,649 ($38.80).

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The price of US silver increased 1.2% to $16.49 per ounce. Indian silver prices saw a 0.4% decline to INR 37,547 ($608.29) per kilogram. Chinese silver prices inched up 0.3% to CNY 3,500 ($568.78) per kilogram. After a couple of days of improving prices, the price of Japanese silver held steady at JPY 627.00 ($5.23).

After a 1.1% increase, US platinum bar finished the day at $1,235 per ounce. Chinese platinum bar saw its price rise 0.8% to CNY 259.00 ($42.09) per gram. The price of Japanese platinum bar flattened at JPY 4,715 ($39.35) after two days of improvement.

Following a two-day drop, the price of US palladium bar increased by 0.3% to $796.00 per ounce. Japanese palladium bar stayed flat at around JPY 3,130 ($26.12) per gram. Chinese palladium bar saw little change in its price last Friday at CNY 176.00 ($28.60) per gram.

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