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Dollar Gold Bullion prices jumped 1.7% in half an hour Wednesday lunchtime in London - hitting $1744 per ounce - following the announcement of coordinated action from the world's major central banks to boost the provision of Dollar liquidity to the global financial system.
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank will all lower the price on existing Dollar liquidity swap arrangements by 50 basis points (0.5 percentage points), effective Monday.
As well as strengthening Dollar liquidity provision, the central banks "judge it prudent" to make arrangements to offer enhanced liquidity provision in other currencies " so that liquidity support operations could be put into place quickly should the need arise", a Bank of England statement said.
On the currency markets the Dollar fell sharply following the central banks' announcement.
Today, December gold futures on the Comex in New York rose to 1749.20 doll per troy ounce.
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