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Gold prices jumped Monday ahead of this week's US Fed interest-rate decision after US President Biden pledged retaliation for Iran-backed militia killing 3 soldiers while debt-plagued Chinese property giant Evergrande was ordered into liquidation
Silver prices in China, the world's dominant solar-power manufacturer, have now run above $25 per Troy ounce since mid-November. But the ratio of gold to silver prices has jumped to 'crisis' levels above 90, suggesting a weak industrial outlook
The gold price slipped back towards multi-week lows on Tuesday after gold-backed ETF investment funds shrank further and new US data said core inflation didn't slow in November, denting hopes for a March 2024 Fed rate cut
The gold price extended its steep climb against a falling US Dollar on Wednesday, hitting a 5-month high at $2050 as bond traders and speculators heeded one Fed 'hawk' but ignored another over 2024 interest rates
Top Asian hubs saw some selling of physical gold this week as people cashed in on relatively high prices, with lacklustre demand during the wedding season in India prompting dealers to offer steeper discounts. The bullion industry was hoping the momentum seen during the festival of Diwali would continue, but higher prices seem to be hampering wedding season demand, said a Mumbai-based bullion dealer with a private bank. Local gold prices in India were around 61,100 rupees per 10 grams on Friday after hitting a record high of 61,914 rupees last week.