Gold Prices Rise To $1200 Per Ounce During Tuesday's Trading Sessions

The BOJ will explain itself, by way of its latest monetary policy statement, early Wednesday morning, thereafter they'll hold a press conference and with Japan recently slumping into a new recession this conference will be eagerly anticipated. Later in the day the USA will reveal their latest oil inventory figures, whilst building permits and housing start data will also be published. The FOMC latest meeting minutes will also be published.

New Delhi may introduce curbs to gold imports as surging imports threaten India's trade deficit. An unnamed Indian finance ministry official told Reuters the proposed limits were almost ready and may be announced Tuesday or Wednesday. India's October gold imports surged four hundred percent to $4.18bn from a year ago. October shipments rose to circa 150 tonnes, versus 143 tonnes in September and less than 25 tonnes in October 2013. September shipments surged 450 percent year on year to $3.75bn. India became the world's leading gold consumer in the third quarter, according to the World Gold Council (WGC).

Russia’s central bank has acquired approx. 150 metric tonnes of gold in 2014 according to Governor Elvira Nabiullina. This nearly doubles the 2013 purchase of 77 tonnes according to International Monetary Fund data. The nation bought 35 tonnes since the end of September. Central banks could inflate purchases by up to 22 percent in 2014, the World Gold Council estimates. In the third quarter, global demand fell to the lowest in almost five years.

Gold futures rose to a two week high during Tuesday's trading, reaching $1,200 after Russia added to reserves, adding to the belief that a rebound in demand for: bars, coins and jewellery could arrest the impact of 2014's fall.

Gold futures for December delivery rose 1.1 percent to close at $1,197.10 on Comex in New York. The price reached $1,204.10, the highest since Oct. 30th. Prices also climbed Tuesday as the dollar fell versus the basket of 10 currencies. Silver futures for December rose 0.7 percent to $16.174 on the Comex.

On the New York Mercantile Exchange, Platinum futures for January rose 0.3 percent to $1,204.60. Palladium futures for December advanced 1 percent to $776.70, the biggest rise in a week.