Today’s AM fix was USD 1,735.75, EUR 1,365.44, and GBP 1,091.39 per ounce. Friday’s AM fix was USD 1,732.75, EUR 1,362.23, and GBP 1,085.55 per ounce.
Silver is trading at $32.65/oz., €25.80/oz. and £20.65/oz. Platinum is trading at $1,570.00/oz., palladium at $610.60/oz. and rhodium at $1,090/oz.
Gold fell $1.80 or 0.10% in New York on Friday and closed at $1,731.00. Silver hit a low of $32.057 and a high of $32.775 but finished with a gain of 0.46%.
Gold is 0.25% higher this morning after posting the biggest weekly gain (+3.3%) since late August on safe haven buying driven by worries about the US fiscal cliff and economy.
President Obama is meeting with leaders this week and is expected to speak on the subject on Wednesday. $600 billion in tax increases and budget cuts are set to start in January which is making markets nervous and leading to diversification into gold.
Gold and especially silver buying in India has been robust for the Indian Dhanteras festival.
The Times of India reports that high prices have “done little to mar the spirit of buyers who are splurging on the yellow metal like never before. In fact, people were seen queuing up in jewelry shops across the city to buy gold, silver and other precious metals.”
White, not yellow, was the preference this Dhanteras and there was “big buys of silver on strong festive demand.” Dhanteras, the 13th day of the Hindu calendar month of Ashwin, is considered auspicious to buy precious metals.
The London Bullion Market Association (LBMA) gold conference has begun in Hong Kong and already there have been important stories with ramifications for the gold, currency and wider markets.
There is a real possibility of market moving stories coming from the gold industries leading conference.
News that China will inevitably increase central bank purchases of gold for its reserves was highlighted by the LBMA chairman in Hong Kong.