Today’s AM fix was USD 1,628.50, EUR 1,291.74, and GBP 1,040.31 per ounce. Yesterday’s AM fix was USD 1,623.50, EUR 1,284.52, and GBP 1,035.20 per ounce.

Silver is trading at $28.87/oz, €22.96/oz and £18.49/oz. Platinum is trading at $1,492.00/oz, palladium at $628.70/oz and rhodium at $1,215/oz.

Gold edged up $1.20 or 0.07% yesterday in New York and closed at $1,627.40/oz. Gold remained steady in Asia seeing gradual gains which continued in European trading.

Gold rose for an eighth consecutive session today, its longest winning streak in almost a year. The gains may be due to concerns that the U.S. Federal Reserve may launch further non conventional monetary measures, such as QE, in increasingly desperate attempts to prevent the world’s largest economy falling into recession or Depression.

Gold has gradually rose 3% in the last eight sessions and is also supported by the debt crisis in Europe with initial euphoria over a victory for pro-bailout parties in Greece giving way to persistent concerns over Spain and Italy and their banking sectors.

Today’s Spanish debt sale saw Madrid’s borrowing costs rise even more. The average yield on the 12-month bill was 5.074%, against 2.985% previously.

The Federal Open Market Committee (FOMC) releases a policy statement at the end of its two-day meeting on Wednesday. The Fed’s current “Operation Twist” programme, which involves buying long-term debt and funding the purchase by selling short-term notes, is scheduled to expire at the end of June.

The Fed appears increasingly likely to offer even more monetary stimulus despite political opposition, concerns about whether it will be effective and the still underestimated risk of inflation.

The Group of 20 summit said that leading and emerging economies will “take the necessary actions” to strengthen the global economy and if growth weakens substantially, countries without heavy debt loads stand ready to “stimulate their economies.”

Source: Bloomberg