Gold and silver edged down during last week. Will precious metals change direction and rally this week? As I have pointed out in the recent precious metals weekly outlook, there are several events and reports that may affect bullion this week. These items include: the FOMC meeting, U.S trade balance, U.S CPI and PPI, and EU Summit. On today’s agenda: Japan GDP, China’s Trade Balance, Governor King speaks and China’s New Loans. This week’s FOMC meeting will take place while Congress counties to deliberate over the austerity steps needed to cut Federal budget and avoid the fiscal cliff.
Here is a short outlook for precious metals for Monday, December 10th:
Precious Metals – December Update
On Friday, the price of gold edged up by 0.22% to $1,704.5; Silver price also edged up by 0.05% to $33.07. During last week, gold declined by 0.37%; silver, by 0.39%. Moreover, during last week, the SPDR Gold Shares (GLD) also decreased by 0.55% and reached by December 7th 165.13.
For the rest of the report you can see it at Seeking Alpha
Current Gold and Silver Rates as of December 10th
Gold (short term delivery) is traded at $1,713.8 per t oz. a $8.3 or 0.49% increase as of 11:37*.
Silver (short term delivery) is at $33.41 per t oz – a $0.27 or 0.83% increase as of 11:37*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
01:50 – Japan GDP
Tentative –China’s Trade Balance
17:15 –Governor King speaks
Tentative – China’s New Loans
10:00 –German ZEW economic sentiment
Tentative –OPEC Monthly Report
13:30 –Canadian Trade Balance
13:30 –American Trade Balance
For further reading: