goldcore.com / September 26, 2012
oday’s AM fix was USD 1,763.75, EUR 1,369.80, and GBP 1,089.07 per ounce.
Yesterday’s AM fix was USD 1,766.75, EUR 1,369.36 and GBP 1,088.37 per ounce.
Silver is trading at $33.79/oz, €26.41/oz and £20.99/oz. Platinum is trading at $1,630.00/oz, palladium at $627.10/oz and rhodium at $1,075/oz.
Gold fell $3.10 or 0.18% in New York yesterday and closed at $1,761.40. Silver rose to $34.47 in early New York trade then fell off and finished with a loss of 0.71%.
Gold continues to eke out gradual gains in all currencies. It looks set for the best quarterly gain in more than two years, as central banks and investors diversify into gold to hedge against the prospect of weaker currencies and slowing growth.
Euro gold hovering near record highs at €1,375/oz shows the eurozone crisis is far from over and is indeed set to deepen in coming months.
The overnight joint declaration of Germany, the Netherlands and Finland appears to unravel much of what was agreed at the last European summit in June, when EU leaders attempted to pave the way for the direct recapitalisation of troubled banks, is gold bullish.
The IMF has warned that the financial system remains ‘vulnerable’ and is a work in progress.
In Spain, protestors fought with police in Madrid as the government embarks on a new phase of austerity measures for the 2013 budget this Thursday.
The SPDR Gold Trust ETF said its holdings had risen to a record high of 1,331.331 tonnes by Sept. 25.
Unrest in South Africa continues and the fourth largest producer in the world, Goldfields, said that workers reneged on a deal to end a two week strike at its KDC West operation and miners at its Beatrix mine had also downed tools.