AM fix was USD 1,732.75, EUR 1,327.27, and GBP 1,078.86 per ounce.
Yesterday’s AM fix was USD 1,748.00, EUR 1,331.71and GBP 1,081.42 per
trading at $32.37/oz, €24.90/oz and £20.24/oz. Platinum is trading at $1,632.50/oz, palladium at $633.75/oz and
rhodium at $1,175/oz.
$7.70 or 0.44% in New York yesterday and closed at $1,741.00. Silver slipped
to a low of $32.67 and finished with a loss of 1.24%.
back on Friday as shares in Asia were off following a three day rally as
investor’s maintained positions ahead of the EU summit outcome on the eurozone debt crisis which should support the euro.
XAU/EUR Currency 1 Year – (Bloomberg)
metal is heading for its second weekly fall, its peak year to date at
$1,795.69/oz in October but a recent rebound in the
dollar and uncertainty in Europe has pared back gains.
2011, gold hit a lifetime high of $1,920/oz.
committed to establishing a euro-area bank supervisor by year-end, leaving
the door open for supplying direct aid to Spanish banks.
The EU must
now agree on the structure that makes the ECB (European Central Bank) the
main supervisor by January 1st. This new system was created to break the link
between banks and governments at the root of the zone’s financial
crisis and will roll out in the next year and expect to cover all 6,000 eurozone banks by January 2014.
XAU/USD Currency 1 Year – (Bloomberg)
goal is banking supervision that’s worthy of the name, because we want
to create something that’s better than what we currently have,”
Merkel told reporters.
France argued contentiously about the timing. Berlin has insisted the
supervisor be effective before the ESM can begin cash injections into Spanish
banks, those transactions are not foreseeable to occur until the latter half
of the year, around the time of Germany’s national elections.
said it would take more than a few months before the supervisor was fully
effective and direct bank recapitalisation could be
agreement appeared to upset German finance minister Wolfgang Schaeuble's efforts to delay and limit the scope of
European banking supervision.
been averse to see its politically sensitive Savings and Cooperative banks
come under outside supervision. It rejects any joint deposit guarantee under
which wealthier countries might have to underwrite banks in poorer states.
The final deal
came after the leaders of France and Germany held a private meeting after
numerous public clashes over greater EU control of national budgets.
government source said the European Stability Mechanism (ESM) could start recapitalising troubled banks as early as the first
quarter of 2013, but a German source said it was "very unlikely" to
happen so soon.
earlier demanded broader authority for the executive European Commission to
veto national budgets that breach EU rules. She said a December EU summit
would make decisions on these issues of closer euro zone economic governance.
The point when
the ECB will effectively become the bloc's banking supervisor is important
because it would open the way for the euro zone's bailout fund to inject
capital directly into troubled banks, without adding to their sovereign
Cross Currency Table – (Bloomberg)
Minister Antonis Samaras was praised for the
country’s efforts in sticking to its austerity plans. “We welcome
the determination of the Greek government to deliver on its commitments and
we commend the remarkable efforts by the Greek people,” the 16 other
euro-area leaders said in a statement released about 3 a.m. today in
Brussels. “Good progress has been made to bring the adjustment program
back on track.”
buying will pick up in India unless the rupee appreciates significantly.
Wedding season will be in full swing with the festivals of Diwali and Dhanteras next month. Gold jewellery
is a necessary part of the dowry that Indian parents give their daughters for
news and commentary on financial markets and gold, follow us on Twitter.
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