Gold and silver continued to trade down during most of last week. By the end of the week, however, the prices of gold and silver bounced back following the disappointing U.S non-farm payroll report. The recent developments in the forex markets including the tumble of the Japanese yen against leading currencies such as the Euro and US dollar, following the recent decision of Bank of Japan, didn’t seem to affect precious metals. Will gold and silver continue to fall this week? As I have reviewed in the recent precious metals weekly outlook, several reports, speeches and events may affect precious metals prices. These items include: U.S retail sales, minutes of the FOMC meeting, U.S industrial production, China’s new loans, EU Summit, and U.S jobless claims. On today’s agenda: Bernanke’s Speech, minutes of BOJ monetary policy meeting, German Industrial Production, Bank of Japan –Monetary Policy Minutes and China’s CPI.
On Friday, the price of gold rose by 1.51% to $1,575.5; Silver also increased by 1.69% to $27.22. During April, gold declined by 1.21%; silver, by 3.79%. Moreover, during last week, the SPDR Gold Shares (GLD) slightly decreased by 1.07% and reached by April 5th 152.81.
Gold and silver declined during last week. The Euro slightly recovered during last week after the whole Cyprus debt crisis had pulled it down by the end of March. This recovery, however, didn’t pull up the prices of gold and silver.
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Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
00:50 – Japan Current Account
11:00– German Industrial Production
23:15 – Bernanke’s Speech
23:50 – Bank of Japan –Monetary Policy Minutes
Tentative – China’s CPI
08:15 – Swiss Inflation
09:30 – Great Britain Manufacturing Production
Tentative – China New Loans
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