Today’s AM fix was USD 1,767.25, EUR 1,349.36 and GBP 1,089.42 per ounce. Friday’s AM fix was USD 1,772.50, EUR 1,359.70 and GBP 1,093.53 per ounce.
Silver is trading at $34.52/oz., €26.44/oz. and £21.36/oz. Platinum is trading at $1,699.00/oz., palladium at $685.50/oz. and rhodium at $1,050/oz.
Gold rose $5.30 or 0.3% in New York and closed at $1,771.60. Silver climbed to $34.91 then dropped before bouncing back higher, and finished with a loss of 0.06%. Gold was up 2.02% for the week and silver another 3% for the week.Currency Table – (Bloomberg)
Gold is slightly weaker today but hovering near a seven month high, as the US Fed’s announcement of QE3 has led to some investors diversifying into bullion as a hedge against inflation risk.
The yellow metal rose as high as $1,777.51 on Friday, a high not seen since February 2012 when it hit this year’s peak. Last September 2011, it reached a nominal high of nearly $1,920/oz.
QE3 will allow the Fed to print dollars to buy $40 billion worth of bonds every single month for the foreseeable future. dollars, euros and pounds are being made to grow on trees – the precious metals do not.
November marks the festival season of Diwali in India, the Hindu festival of lights and demand has picked up as both jewelers and investors scaled up purchases before prices rise any further.