Today's AM fix was USD 1,633.25, EUR 1,305.45, and GBP 1,057.33 per ounce.
Friday's PM fix was USD 1,606.00, EUR 1,292.76, and GBP 1,041.76 per ounce.

Silver is trading at $29.35/oz, €23.57/oz and £19.03/oz. Platinum is trading at $1,469.00/oz, palladium at $622.00/oz and rhodium at $1,200/oz.

Gold fell 0.12% or $2.00 in New York yesterday and closed at $1,618.40/oz. Gold crept gradually higher in Asia and then quickly jumped $10 at 0848 GMT as sizeable orders hit the market sending gold through recent resistance at $1,627/oz to over $1,637/oz.

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Gold in Indian Rupees - 1 Year (Daily)

While gold fell, silver managed to eke out a gain of over 1% or $0.31 and the mining shares rose by some 0.5%. 

Stocks and commodities have jumped today on hopes that the European Central Bank may deliver more 'stimulus' measures thereby further debasing the euro.

Gold has surged to a record nominal high in Indian rupees as the rupee continues to depreciate (see chart above).
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XAU/EUR Exchange Rate - (Bloomberg)

Gold futures in India, the world's second biggest bullion buyer after China, climbed as much as 0.6% to a record 30,192 rupees per 10 grams. The August-delivery contract on the Multi Commodity Exchange of India Ltd. traded at 30,181 rupees at 12:46 p.m. in Mumbai.

Gold's rally on Friday sparked scrap selling in India as some consumers took advantage of the higher prices to sell old jewelery. While Indian physical demand has fallen recently there continues to be strong investment demand in India as seen in the very high demand for ETF gold products.

Negative real interest rates and a depreciating currency mean that demand will continue in India - although it may decline from the records seen recently.

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XAU/USD Exchange Rate - (Bloomberg)

Gold prices have been hovering above $1,600, as investors watch the European Central Bank policy meeting today and Fed Chairman Ben Bernanke speech on Thursday. 

An ECB rate cut is unlikely and it would have a negligible impact on the Euro crisis as monetary policy transmission has broken down. Ultra loose monetary policies risk stoking inflation and are harming already embattled savers and pension funds who are suffering from negative real interest rates.

Gold's record high in rupees will likely soon be seen in euros with gold at €1,308/oz now only 5% below the record high of September of €1,375/oz. 

The recent strength of the dollar and the pound mean that nominal high's in these currencies may be delayed for a while but seem likely prior to year end given gold's very strong fundamentals.