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For many years, gold has been an element of great importance. It has been used for many purposes over the centuries. Gold is one of the oldest forms of currency, used by people for several years. Although it is no longer used as currency but its importance has not diminished.

The European Union inaugurated the first European central bank on June 1st in the year 1998. The headquarters of the European central bank is situated in Frankfurt, Germany. This bank holds a very vital place among the many banks of the world. The basic responsibility of this bank is the monetary policy of the sixteen member states of the euro zone. The European Monetary Institute (EMI) was the main forerunner of The European Central Bank. However, referring to its design, and importance, The European Central Bank is the heir of the German Bundebank.

Almost every country of the world has faced the most awful monetary disaster during last ten years. The rising trade of the world has been slowing down. The stability in currency of one country had an intense impact on the neighbouring countries’ trade. Gold is a significant trade object; hence, it is affected by the up and down surging of currency values. Gold used to be considered as a safe way of keeping assets by a lot of the investors, makers and the market observers.