Gold reached the all time high of $1087.90/oz yesterday convincingly breaking out of the recent consolidation range. The rally was supported by news of the Indian central bank purchasing gold from the International Monetary Fund and trumped a slight appreciation in the US dollar which usually adds downside pressure on the price of gold. Silver moved higher with gold closing at the $17.155/oz and crossing above all moving averages

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Gold & Silver

METAL

LEVEL

CHANGE

GOLD

1082.40

( 20.40)

SILVER

17.155

( 0.61)

   
   
 
 

Market News

  •  All eyes will be on the FED this evening as they release their statement following a 2 day meeting
  •  Australia raised Interest Rates earlier in the week by 25bps to 3.5%, so it will be interesting to note if other major countries follow suit. The US announce tonight, and we have the UK and Eurozone scheduled to announce tomorrow
  •  The world's largest gold-backed ETF, SPDR Gold Trust, announced that their holdings rose to 1,108.399 tonnes as at Nov 3rd, up 0.4% on the previous day
 
 

Major Economic News

TIME

MARKET DATA

1915

FED Interest Rate decision