Goldman Sachs Gold ETF in India Sees 11 Fold Surge

Gold’s London AM fix this morning was USD 1,641.25, EUR 1,241.49, and GBP 1,019.54 per ounce. Yesterday's AM fix was USD 1,638.75, EUR 1,244.68and GBP 1,014.83 per ounce.

Silver is trading at $30.94/oz., €23.41/oz. and £19.21/oz. Platinum is trading at $1,551.00/oz., palladium at $669.30/oz. and rhodium at $1,350/oz.

Gold rose $3.00 or 0.18% in New York yesterday and closed at $1,641.20/oz. Gold traded sideways in Asia and then ticked higher in European trading prior to seeing some weakness.

Gold has been in an incredibly tight range – hovering around the $1,640/oz level this morning as markets await the US Federal Reserve’s decision regarding maintaining ultra-loose monetary policy and further quantitative easing (QE3). 

The Fed is due to release a statement outlining its views on policy and the economy at about 1630 GMT, followed by a news conference by Fed Chairman Ben Bernanke.

The Fed is expected to reiterate its stance to keep US interest rates near zero over the next two years, which will continue to make gold an attractive inflation hedging asset.  

Cross Currency Table – (Bloomberg)

Bullion struck its 2012 high around $1,790/oz. in late February after the Fed said it would keep interest rates near zero until at least the end of 2014. 

Gold’s most recent sell off was precipitated on Feb. 29 after heavy selling was seen when Bernanke suggesting that there would be no more QE.

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