Earthquake and tsunami in Japan have an impact on changes in market prices of precious metals. The gold price is schdeuled to gain for a second day as unrest in the Middle East and North Africa, and Japan’s nuclear crisis boost demand for a protection of wealth. Platinum and palladium have touched three-month lows, reports Bloomberg.Immediate-delivery gold bullion in fact declined $1.24, or 0.1 percent, to $1,397.64 (£865) an ounce according to the FTSE in London this morning. Gold for April delivery was 0.1 percent higher at $1,398 (£866) an ounce on the Comex in New York.
Demand for precious metals has been changeable in the past few weeks, with demand for silver rising 0.4 percent to $34.3625 (£21.28) an ounce. The silver price has dropped 6.5 percent since climbing to $36.7525 (£22.76) last week, the highest level since February 1980, when the metal reached a record $50.35 (£31.19) in New York.
Palladium was up 1.3 percent at $707.50 (£438) an ounce after earlier today falling to $688.25, the lowest level since November 30. Palladium had slumped 18 percent since hitting its highest price in a decade last month.
Bloomberg also reported, Platinum has dropped as much as 2.2 percent to $1,657.75 (£1,026) an ounce, the lowest price since December 1, and was last little changed at $1,695.57 (£1,050) yesterday.
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