The prices of silver and gold changed direction and slightly declined last week. The moderate fall of precious metals coincided with the sharp appreciation of the USD against several currencies mainly the Euro and Aussie dollar. The latest remarks made by ECB President following ECB’s rate decision announcement contributed to sharp fall in the Euro during last week. Will gold and silver change direction and rally this week? As I have pointed out in the latest precious metals weekly outlook, several reports and events may affect precious metals prices. These items include: BOJ monetary policy meeting, EU GDP, U.S retail sales, ECB President Draghi speaks, U.S consumer confidence and jobless claims weekly update. On today’s agenda: EU Economic Summit.
Here is a short outlook for precious metals for Monday, February 11th:
Precious Metals – February Update
On Friday, the price of gold declined by 0.26% to $1,666.2; Silver inched up by 0.12% to $31.44. During last week, gold decreased by 0.22%; silver, by 1.62%. Moreover, during last week, the SPDR Gold Shares (GLD) edged up by 0.07% and reached by February 8th 161.57. In the chart below are the normalized prices of gold and silver between December and February (normalized to 100 as of November 30th). The prices moved in an unclear trend in recent weeks.
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Current Gold and Silver Rates as of February 11th
Gold (short term delivery) is traded at $1,662.6 per t oz. a $2.5 or 0.26% decrease as of 10:00*.
Silver (short term delivery) is at $31.37 per t oz – a $0.08 or 0.26% decrease as of 10:00*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
All Day – EU Economic Summit
08:15 – Swiss Inflation
09:30 – Great Britain CPI
All Day – ECONFIN Meetings
Tentative – BOE Inflation letter
10:00 – SNB Chairman Jordan’s Speech
13:45 – BOC Gov Carney Testifies
15:30 – ECB President Speaks
19:00 –U.S. Federal Budget Balance
For further reading:
- Gold and Silver Outlook for February 11-15
- Weekly Outlook Financial Markets for February 11-15
- Gold and Silver Outlook for February
- Gold and Silver Yearly Outlook For 2013