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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 [...]

Last night, the Federal Reserve decided to keep US interest rates on hold for “an extended period”. Since the Australians raised their base rate earlier in the week, there was focus on whether or not the other major economies would follow suit. Post FOMC, the Asian markets were relatively quiet, but all eyes today will [...]

European Session: FOMC Signals Low Rates To Continue Contingent On Employment And Inflation
Yesterday’s key event was the US FOMC meeting where policymakers kept rates on hold as expected. The headline aside, markets were more keenly awaiting the accompanying statement for an insight into how Fed officials have incorporated recently improved US data into their policy [...]

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 [...]

US Session: Risk Assets Rally As US Data Disappoints
The remaining European PMI releases this morning offered little to get FX markets moving, and Eurozone PMI was right on expectations at -0.4% MoM in Sep (-7.7% YoY). The breakdown of the PPI data highlighted ongoing deflation in consumer and capital goods components, but failed to unnerve [...]