The prices of gold and silver slightly decreased again during last week. Cyprus’s bailout news may have contributed to the depreciation of the Euro but didn’t pull up safe haven investments such as gold. Will precious metals continue to decline this week? As I have pointed out in the latest precious metals weekly outlook, several reports, speeches and decisions may affect precious metals prices. These items include: U.S non-farm payroll report, ECB rate decision, Bernanke’s speech, U.S and Canada’s trade balance updates, Australia retail sales report, monetary policy meetings of Reserve Bank of Australia, Bank of England and Bank of Japan, U.S factory orders, and U.S jobless claims. On today’s agenda: China Manufacturing PMI and U.S manufacturing PMI.
Here is a short outlook for precious metals for Monday, April 1st:
Precious Metals – April Update
On Thursday, the price of gold declined by 0.71% to $1,594.8; Silver also decreased by 1% to $28.29. During March, gold rose by 1.08%; silver slipped by 0.36%. Moreover, during the previous week, the SPDR Gold Shares (GLD) slightly decreased by 0.69% and reached by March 28th 154.47.
For the rest of the report you can see it at Seeking Alpha
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
02:00 – China Manufacturing PMI
15:00 – U.S. Manufacturing PMI
05:30 – Reserve Bank of Australia – Cash Rate Statement
08:00 – Spain’s unemployment Change
09:30 – GB Manufacturing PMI
10:00 – Euro Area unemployment rate
15:00 – U.S Factory Orders
02:30 – Australian Trade Balance
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