The BIS and BCBS are two regulatory bodies play a considerably important role in the development of international banking supervisory standards. And, as it happens, they also put forward propositions on how gold is to be seen by the banks.
The yellow metal is increasingly valued as a reserve asset, which will tend to push the price up, independently of all other factors. Due to new regulations, you may also have to bid in the future alongside financial institutions, including several banks, to acquire it.
The gold price rose to $1,657 per ounce Monday morning in London as markets digested news from the first of two European Union summits. European stocks failed to hold early gains while commodities edged up and US Treasury bond prices rose.
Gold bullion prices hovered around $1,650 per ounce Thursday morning in London - 1.6% off this week's high - while stocks and commodities continued to rally following rumors of European bank stress tests and proposed recapitalization.