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Los Angeles CA, May 22 (Tangible Investments) - by James O’Dell - Gold continued to consolidate on Wednesday, easing $2.04 or 0.16 percent to close at $1,291.79 an ounce, after the release of the minutes of the April Federal Open Market Committee (FOMC) meeting revealed discussions between policymakers, of the tools to be used, as the central bank retreats from its massive quantitative easing (QE) program. Silver traded flat for the second day this week, and closed at $19.39 an ounce, while the gold/silver ratio inched lower to 66.62.
 
“Participants generally agreed that starting to consider the options for normalization at this meeting was prudent, as it would help the committee to make decisions about approaches to policy normalization and to communicate its plans to the public well before the first steps in normalizing policy become appropriate,” read the minutes. “They tried to make it clear that this is just planning (eventual tightening) and that they’re not closer to doing it, but they want to talk about the range of options they have,” said Phil Flynn, of Price Futures Group.
 
In India, officials at the nation’s central bank, the Reserve Bank of India (RBI), in an attempt to head off a sharp surge in gold smuggling, are recommending to the newly elected prime minister, Narendra Modi, and his Bharatiya Janata Party (BJP), to relax the country's strict gold import rules. According to industry estimates, roughly 200 tons of gold were smuggled into India in 2013, and while legal imports topped 860 tons in 2012, they fell tojust 825 tons in 2013 after the boost in tariffs, and through March this year have only managed a meager 190 tons.
 
Gold has been trading within a very tight range this week and has closed between $1,291 and $1,297 an ounce over the past five trading sessions.

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