Daily Spot Price Update 1/27/2017

Metal Open Close Change
Gold $1185.51 $1193.35 + $7.84
Silver $16.79 $17.20 + $0.41
Platinum $976.05 $990.50 + $14.45
Palladium $723.95 $746.00 + $22.05

Summary

All metals rose on 1/27, with palladium climbing the highest.

Gold Dropping as China Slows Buying

After starting the year strong, gold is now facing the longest streak of losses since November. Prices dropped today for the fourth straight day. One reason for this loss is China’s temporary slowdown in regards to buying gold. China is the world’s biggest consumer of gold, but buying has slowed considerably as Chinese citizens break and prepare to celebrate the week-long holiday of the Lunar New Year-with this year being the Year of the Rooster. It’s customary to give gold bars or jewelry as gifts during the holiday, but those purchases were made prior to this week. In addition, US economic growth slowed more than expected last quarter.

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