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Gold continued its rally yesterday reaching $1097.60/oz, a record high for the second day in a row. The advance was supported by a lower US dollar and possible the speculation that following India other central banks might be ready to purchase gold from the International Monetary Fund. Silver followed gold higher finishing 24 cents up at $17.437/oz remaining above all moving averages.

Market News

• We have the MPC announcing UK Interest Rates. The nine-member team are expected to keep UK interest rates at 0.5% - it has been at these levels since March 2009.
•  In addition to setting Interest rates, decisions will be made on the extent of further quantative easing. Having already implemented £75bn in March 2009, there may be an additional £25bn to £50bn pumped in to the UK economy

The ECB will announce interest rate decision at 1245 GMT, 45 minutes after the MPC. Jean Claude Trichet will be speaking from 1330 GMT