Gold and silver changed direction and traded down during most of last week. Will precious metals continue to trade down this week? As I have stated in the precious metals weekly outlook, there are several events and reports that may affect precious metals this week. These items include: U.S non-farm payroll report, ECB rate decision, and rate decision of other leading Central banks of England (MPC) Canada (BOC) and Australia (RBA). On today’s agenda: Euro-group Summit, GB and U.S Manufacturing PMI (UDPATE: U.S manufacturing PMI declined to 49.5) monthly reports. In the background, the deliberations in Congress over cutting the budget deficit in the next decade to avoid the fiscal cliff and next week’s FOMC meeting could influence forex and commodities traders during December. Yesterday, HSBC reported that China’s manufacturing PMI rose to 50.5 in November compared with 49.5 in October.
Here is a short outlook for precious metals for Monday, December 3rd:
Precious Metals –November Update
On Friday, the price of gold declined by 0.94% to $1,710.9; Silver price plunged by 3.33% to $33.2. During last week, gold declined by 2.3%; silver, by 2.67%. Moreover, during last week, the SPDR Gold Shares (GLD) also decreased by 2.1% and reached by November 30th 166.05.
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Current Gold and Silver Rates as of December 3rd
Gold (short term delivery) is traded at $1,721.1 per t oz. a $8.4 or 0.49% increase as of 08:15*.
Silver (short term delivery) is at $33.7 per t oz – a $0.42 or 1.27% increase as of 08:15*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
All Day – Euro-group Meeting
09:30 – GB Manufacturing PMI
15:00 –U.S.Manufacturing PMI
05:30 – RBA – Cash Rate Statement
08:00 –Spain’s unemployment Change
14:00 – Bank ofCanada’s Overnight Rate
All Day – ECONFIN Meeting
02:30 – Australian GDP Third Quarter 2012
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