The prices of gold and silver slightly increased on weekly scale. Precious metals sharply rose on Thursday along with the Euro and other commodities prices following the ECB’s decision to keep the Euro rate unchanged and Mario Draghi’s cautious but optimistic outlook of the Euro Area in 2013. Will gold and silver change direction and decline? As I have pointed out in the recent precious metals weekly outlook, several reports and events may affect bullion prices this week. These items include: U.S retail sales report, China’s GDP, U.S housing starts, Philly Fed survey, GB and US CPI and jobless claims weekly update. On today’s agenda: BOC Business Outlook Survey and Bernanke’s Speech.
Here is a short outlook for precious metals for Monday, January 14th:
Precious Metals – January Update
On Friday, the price of gold declined by 1.04% to $1,660.6; Silver price also fell by 1.66% to $30.38. During last week, gold rose by 0.71%; silver, by 1.55%. Moreover, during last week, the SPDR Gold Shares (GLD) also rose by 0.39% and reached by January 11th 161.06.
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Current Gold and Silver Rates as of January 14th
Gold (short term delivery) is traded at $1,668 per t oz. a $8.2 or 0.49% increase as of 09:08*.
Silver (short term delivery) is at $30.75 per t oz – a $0.35or 1.14% increase as of 09:08*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
15:30 – BOC Business Outlook Survey
21:00 – Bernanke’s Speech
09:30 – Great Britain CPI
Tentative – BOE Inflation Estimate
13:30 –U.S. Retail Sales Report
13:30 – U.S. Producer Price Index
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