Gold prices briefly flirted above USD $1300oz overnight as the European Central and a handful of other counterparts reaffirmed their commitment to holding...

Gold prices briefly flirted above USD $1300oz overnight as the European Central and a handful of other counterparts reaffirmed their commitment to holding physical gold as a key reserve asset, with no major plans to sell large quantities of the metal in the coming years. Highlights from the new agreement included comments that; • Gold remains an important element of global monetary reserves. • The participants in the gold agreement will continue to coordinate their gold transactions so?as to avoid market disturbances. • The participants currently have no plans to sell any substantial quantities of gold Whilst the market could break out its current range to the downside, over the long run, an unwillingness to sell by Western Central Banks, coupled with rising demand from the East should be supportive for gold, and the entire precious metal complex. More details here (VIEW LINK)