Gold and Silver Prices – Daily Outlook for April 29

Gold and silver changed course and rallied during last week. Will gold and silver continue to rise this week? As I have pointed in the latest precious metals weekly outlook, several reports and decisions will unfold during the forthcoming week and may affect bullion prices. These items include: U.S non-farm payroll report, FOMC meeting, ECB rate decision, German EU economic outlook, Canada’s GDP report, Japan monetary base monthly update, U.S and China’s manufacturing PMI monthly updates, and U.S jobless claims. On today’s agenda: U.S Personal spending and Pending Home Sales.

Here is a short outlook for precious metals for Monday, April 29th:

Precious Metals – April Update                                 

On Friday, the price of gold declined by 0.56% to $1,453.6; Silver also decreased by 1.58% to $23.76. During last week, gold rose by 4.18%; silver, by 3.48%. Moreover, during the previous week, the SPDR Gold Shares (GLD) rallied by 4.02% and reached by April 26th 140.91. Shares of iShares Silver Trust (SLV) also rose by 3.13% during last week.


The recent rally in the prices of gold and silver may have been a correction to their sharp fall from a weak earlier. Moreover, some analysts suspect the recovery of gold price during last week was due to the rise in demand for the physical metal. In any case, there are still reports of big hedge funds raising their bets against the recovery of gold and silver.

For the rest of the report you can see it at Seeking Alpha 


Current Gold and Silver Rates as of April 29th

Gold (short term delivery) is traded at $1,468.4 per t oz. a $14.8 or 1.02% increase as of 02:41*.

Silver (short term delivery) is at $24.17 per t oz – a 1.61% increase as of 02:41*.

(* GMT)

Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):


13:30 – U.S Personal spending

15:00 – U.S. Pending Home Sales

Tentative – Italian 10 Year Bond Auction


07:00 – German Consumer Climate

08:00 – Flash Spain’s GDP Q1 2013

13:30 – Canada’s GDP by Industry

15:00 – U.S Consumer Confidence

02:00 – China Manufacturing PMI

For further reading: