The prices of silver and gold continued to tumble down during last week. Their downward trend may have been ignited by publication of the minutes of the FOMC meeting that raised the speculation around the future steps of the FOMC vis-à-vis its QE3 program. Will gold and silver continue to plummet this week? As I have stated in the latest precious metals weekly outlook, several reports, events and publications may affect bullion prices. These items include: testimony of Ben Bernanke, core durable goods, U.S GDP for the fourth quarter, China and U.S manufacturing PMI, EU monetary development, and U.S jobless claims. On today’s agenda: China’s flash Manufacturing PMI, and the Italian Parliamentary Election.
Here is a short outlook for precious metals for Monday, February 25th:
Precious Metals – February Update
On Friday, the price of gold declined by 0.37% to $1,572.3; Silver also decreased by 0.83% to $28.46. During last week, gold decreased by 2.27%; silver, by 4.65%. Moreover, during last week, the SPDR Gold Shares (GLD) declined by 1.8% and reached by February 22nd 152.97.
Daily Outlook for February 25th
Prices of precious metals tumbled down during last week. Moreover, since the beginning of the month both gold and silver also plummeted. The appreciation of the U.S dollar against leading currencies during the month may have contributed to the decline of precious metals. But I still think the developments in the foreign exchange market were the secondary effect on bullion rates.
For the rest of the report you can see it at Seeking Alpha
Current Gold and Silver Rates as of February 25th
Gold (short term delivery) is traded at $1,585 per t oz. a $12.2 or 0.78% increase as of 07:46*.
Silver (short term delivery) is at $28.84 per t oz – a $0.32 or 1.1% increase as of 07:46*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
02:45 – China flash Manufacturing PMI
Italian Parliamentary Election
15:00 – U.S Consumer Confidence
15:00 – Bernanke’s Testimony
15:00 – U.S. New Home Sales
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