Today’s AM fix was USD 1,313.00, EUR 961.62 and GBP 771.54 per ounce.
Friday’s AM fix was USD 1,315.25, EUR 966.31 and GBP 772.45 per ounce.
Gold fell $0.10 or 0.01% Friday to $1,316.10 per ounce and silver slipped $0.09 or 0.43% to $20.99 per ounce. Gold and silver both climbed for the week at 0.12% and 0.62% respectively.
Gold remained just shy of a two-month high in London and looks on track for a second quarterly advance as investors mull geo-political discord in Ukraine and Iraq and the mixed U.S. economy.
The yellow metal is set for its first consecutive quarterly gains since 2011 as investors rush to physical gold bullion for safe haven. Prices have increased 9.4% since December’s low.
The Bank for International Settlements has cautioned that “euphoric” financial markets have become detached from the reality of a lingering post-crisis malaise, and it has called for governments to ditch policies that risk stoking unsustainable asset booms.
Even now the global economy is struggling to escape the shadow of the crisis of 2007-09, capital markets are “extraordinarily buoyant”, the Basel-based bank said, in part because of the ultra-low monetary policy being pursued around the world notes The Financial Times.
The BIS annual report arrives on the heels of the Bank of England utilizing macroprudential tools to tame their housing bubble which will try to tone down riskier mortgage lending, instead of just raising their interest rates.
The BIS is in disagreement with the IMF who strong handed the ECB into easing their monetary policy.
Central Banks loose monetary policies will continue to devalue currencies and prompt investors to turn to hard assets to store their wealth for future generations.
Mark O'Byrne is on vacation this week. Stephen Flood is covering.
