Today’s AM fix was USD
1,728.25, EUR 1,329.53, and GBP 1,077.87 per ounce.
Yesterday’s AM fix was USD 1,724.50, EUR 1,327.56, and GBP 1,076.47 per
Silver is trading at $34.32/oz, €26.53/oz and
£21.50/oz. Platinum is trading at $1,621.00/oz,
palladium at $683.30/oz and rhodium at $1,050/oz.
Gold rose $6.40 or 0.37% in
New York yesterday and closed at $1,725.60/oz. Silver fell to a low of $33.51
in Asia, and ran up to $34.36 in New York and finished with a gain of 1.51%.
Cross Currency Table – (Bloomberg)
Gold inched up on Friday,
but prices saw their largest weekly drop since the beginning of November as
the unease of the talks on the US fiscal cliff continue to weigh on
Republican Speaker of the
House, John Boehner said yesterday that the fiscal cliff talks made little
progress, dampening the flame of optimism that he lit on Wednesday.
"Based on where we
stand today I would say two things. First, despite the claims that the
president supports a balanced approach, the Democrats have yet to get serious
about real spending cuts," Boehner said after the private session with
Geithner. "And secondly, no substantive progress has been made in the
talks between the White House and the House over the last two weeks,"
US Treasury Secretary,
Timothy Geithner, is Obama's chief negotiator in talks to avert the US fiscal
XAU/USD 5 Min – (Bloomberg)
Spot palladium is on course
for its 5th weekly gain and a monthly rise of over 14%. Supply shortages
contribute to the gain. Norilsk Nickel, the world's largest producer of
nickel and palladium, said they expect the palladium market to remain in a
deficit in the next few years largely due to a near depletion of Russian
XAU/EUR 5 Min – (Bloomberg)
Spot silver is on course for
a monthly gain of over 6%.
The Shanghai Gold Exchange
said it will begin a trial run of OTC gold trading on the China Foreign
Exchange Trading System on December 3rd, allowing interbank trading in large
The US CFTC (Commodities
& Futures Trading Commission) commitment of traders is posted at 1930
There is speculation in the
markets that the US Federal Reserve will purchase more debt to help the US
economy which is boosting gold bullion.
While speaking at Pace
University in Manhattan , Federal Reserve Bank of
New York President William C. Dudley said, “I will be assessing the
employment and inflation outlook in order to determine whether we should
continue Treasury purchases into 2013.” Dudley also stated, “The
Fed will promote maximum employment and price stability to the greatest
extent our tools permit, and we will stay the course.”
Fed officials are
considering whether to step up record accommodation to counteract the
scheduled expiration next month of Operation Twist, a program swapping
short-term Treasuries with longer-term debt. A “number” of Fed
officials said at the last policy meeting that they may need to expand its
monthly purchases of bonds, according to the minutes of the FOMC ’s
Oct. 23-24 meeting.
Gold has returned 10% this
year and silver has returned 23% year to date, driven by quantitative easing.
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XAU/GBP, 5 Min – (Bloomberg)