World Gold Council Meets To Reform Gold Fix

  • Posted Monday, July 07, 2014 at 01:20 PM

Los Angeles CA, July 7 (Tangible Investments) - by James O’Dell - Gold edged slightly higher on Friday, posting its fifth straight weekly advance after adding a modest $0.34 or 0.03 percent to finish the week at $1,319.99 an ounce as U.S. markets remained closed while Americans celebrated Independence Day. The price of Silver gained $0.04 or 0.20 percent to end the week higher at $21.18 an ounce, as the Gold/Silver ratio, the measure of the number of Silver ounces it takes to buy an ounce of Gold, slipped to 62.32.

The Gold price hit a 3-month high of $1,332.10 an ounce early last week on the growing geopolitical tensions in Iraq and Ukraine but dipped moderately after Thursday's non-farm payrolls report came in above expectations with 288,000 new jobs created in June, while the jobless rate fell to its lowest level since September 2008, at 6.1 percent. The quality of the jobs being filled, however, is being questioned as the number of full time jobs created fell 523,000 to 118.2 million while the number of part time jobs jumped by 799,000 to more than 28 million.

The Fed is set to release, on Wednesday, the minutes of its Federal Open Market Committee meeting from June 17-18, when the Fed trimmed its massive quantitative easing (QE) program by yet another $10 billion in monthly asset purchases for a fifth straight time.

Meanwhile, the World Gold Council will host a meeting on Monday in London with the Gold industry “to explore reform of the London Gold fix.” Attendees will include representatives of bullion banks, refiners, ETFs and other industry bodies as well as central banks. The UK's Financial Conduct Authority (FCA), will be in attendance as an observer. The London Bullion Market Association (LBMA) said it may publish its final statement on the matter as well, and it could come as early as Monday.

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