Today’s AM fix was USD 1,254.75, EUR 917.89 and GBP 756.42 per ounce.
Yesterday’s AM fix was USD 1,253.50, EUR 919.12 and GBP 757.04 per ounce.
Gold fell $1.00 or 0.08% yesterday to $1,254.10/oz. Silver slipped $0.05 or 0.25% to $19.58/oz.
Traders eagerly await news from the Fed’s policy announcement on Wednesday. The recent tapering of the central bank’s bond-buying program by $10 billion to $75 billion a month is already largely priced into the market.
Most physical buyers will ignore the noise and focus on the fact that the Fed’s monetary policies, along with most central banks in the world, remain extraordinarily accommodative even after the recent $10 billion taper. They are likely to continue accumulating until they see an actual, real tightening in monetary policies and an actual end to quantitative easing.
Royal Bank of Scotland (RBS) is heading for an £8 billion loss for 2013, rewarding senior executives massive bonuses despite losses, having to lay aside nearly $5 billion to cover potential litigation claims related to mortgage-backed securities and other high risk products sold before the financial crisis, gouging some of their business clients and now allegations of currency price fixing.
RBS is to stop providing dozens of currency benchmarks, as regulatory rate rigging probes raise doubts about the integrity of daily price fixings in the global foreign exchange and gold markets.
In a memo to clients, the bank said that it would limit its offering of foreign exchange benchmarks to a handful of price fixings, and that it would wind down its internal benchmark, called RBS Fix.
Nearly six years after the financial crisis and its massive bailout, it looks like business as usual by the bankers in RBS and in the City of London and Wall Street.
Find out why Singapore is now one of the safest places in the world to store gold in our latest gold guide –The Essential Guide To Storing Gold In Singapore
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