Austrian Parliament Hears 80% of Austrian Gold Bullion Reserves In London

Today’s AM fix was USD 1,729.75, EUR 1,344.23, and GBP 1,084.35 per ounce.
Yesterday’s AM fix was USD 1,726.75, EUR 1,350.71, and GBP 1,085.05 per ounce.

Silver is trading at $33.38/oz, €26.00/oz and £21.00/oz. Platinum is trading at $1,588.25/oz, palladium at $650.60/oz and rhodium at $1,060/oz.

Gold inched up $1.50 or 0.09% in New York yesterday and closed at $1,729.20. Silver surged to a high of $33.378 and finished with a gain of 0.51%. Gold is now some 1% higher for the week and silver nearly 3% higher for the week and higher weekly closes will be bullish from a technical perspective.

Gold priced in Japanese yen rose to a nine-month high this morning at 143,262 yen/oz and is on track for its biggest weekly rise since February, up 2.8% according to Reuters.

The yen came under heavy pressure from growing speculation that the Bank of Japan would aggressively ease monetary policy in the coming months.

Gold trading is quiet with the US markets closed for the Thanksgiving holiday today and the early close tomorrow.

Given the degree of uncertainty in the world - from the Middle East to Greece and the Eurozone debt crisis to the US fiscal cliff – most traders will be reluctant to take sizeable positions long or short and lacklustre, directionless trading may continue.

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