Gold’s London AM fix this morning was USD 1,631.75, EUR 1,239.65, and GBP 1,027.75 per ounce. Yesterday's AM fix was USD 1,674.75, EUR 1,254.03 and GBP 1,044.17 per ounce.
Silver is trading at $32.01/oz., €24.31/oz. and £20.16/oz. Platinum is trading at $1,622.20/oz., palladium at $640/oz. and rhodium at $1,350/oz.Cross Currency Table – (Bloomberg)
Gold fell $30.70 or 1.83% in New York yesterday and closed at $1,646.30/oz. Gold traded sideways in Asia prior to a further $10 drop after the open of European trading.
Heightened risk aversion saw all markets fall yesterday after the Federal Reserve said inflation appears to be under control and suggested that the Federal Reserve may be reluctant to further debase the dollar with more QE.
This weakness continued in Asia where the Nikkei fell by 2.3% and European indices are down this morning.
The minutes came out just a week after Fed chairman Ben Bernanke alluded to the possibility that further QE and stimulus was needed in the US economy, which pushed equity and commodity markets up.