Russia and Mexico Both Buy Nearly $1 Billion Worth of Gold in March

Gold’s London AM fix this morning was USD 1,638.75, EUR 1,244.68, and GBP 1,014.83 per ounce. Yesterday's AM fix was USD 1,632.00, EUR 1,240.97 and GBP 1,014.42 per ounce.

Gold fell $3.80 or 0.23% in New York yesterday and closed at $1,638.20/oz. Gold has been trading mostly sideways in Asia and within a narrow 8 point spread.  In European trading it remains near the close seen in New York yesterday.

Cross Currency Table – (Bloomberg)

The perfect storm trifecta of bad political and economic news yesterday out of France, Holland and Germany led to risk off and falls in many markets. Gold performed well and was resilient considering the sell off seen in equity markets.
 
Dutch Prime Minister Mark Rutte speaks in parliament today after tendering his Cabinet’s resignation to break a deadlock over further austerity.

French President Nicolas Sarkozy and Francois Hollande will face off in a 2^nd round ballot on May 6^th and the prospect of Hollande taking power is making European markets jittery. read full report Russia and Mexico Both Buy Nearly $1 Billion Worth of Gold in March