Gold is marginally lower in U.S. dollars and is trading at USD 1,802, EUR 1,306 , GBP 1,140, JPY 138,062, AUD 1,752 and CHF 1,576.04 per ounce.
Gold’s London AM fix this morning was USD 1,806.00, EUR 1,310.03, and GBP 1,143.18 per ounce. Yesterday’s AM fix was USD 1,829.00, EUR 1,339.33, and GBP 1,160.46 per ounce.
World Bank President Robert Zoellick said on Wednesday the world had entered a new economic danger zone and Europe, Japan and the United States all needed to make hard decisions to avoid dragging down the global economy.
The Eurozone crisis has caused sideways trading in gold this past week.
Traders said that the large volume of lending was one reason gold prices had struggled to achieve upward momentum, despite growing rates over the past two days is theoretically bearish gold as holders seek to use bullion holdings to raise cash writes The Financial Times.
Market watchers are waiting for the Federal Reserve’s Federal Open Market Committee (FOMC) meeting on interest rates early next week.
The U.S. Labor department releases CPI figures at 12.30 GMT. Analysts at Societe General and Goldman Sachs are still bullish on commodities and gold is still being described as undervalued at these levels.
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Silver is trading at $40.12/oz, €29.09/oz and £25.41/oz.
PLATINUM GROUP METALS
Platinum is trading at $1,793.00/oz, palladium at $713/oz and rhodium at $1,750/oz.
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