The prices of gold and silver resumed their upward trend during last week. Precious metals rose despite the appreciation of the USD against major currencies including the Euro, Canadian dollar and Japanese yen. Will gold and silver continue to rise this week? As I have stated in the recent precious metals weekly outlook, several reports, speeches and meetings may affect precious metals prices this week. These items include: U.S new and existing home sales reports, China’s manufacturing PMI, BOC interest rate decision, Australia’s CPI, ECB President Speech, minutes of the latest MPC meeting and jobless claims weekly update. On today’s agenda: EU Economic Summit and Bank of Japan Monetary Policy Statement.
Here is a short outlook for precious metals for Monday, January 21st:
Precious Metals – January Update
On Friday, the price of gold inched down by 0.22% to $1,687; Silver price, on the other hand, edged up by 0.43% to $31.92. During last week, gold rose by 1.6%; silver, by 5.1%. Moreover, during last week, the SPDR Gold Shares (GLD) also rose by 1.3% and reached by January 18th 163.09.
On Today’s Agenda
All Day – EU Economic Summit: EU ministers of finance will convene in Brussels. The President of Euro-Group Jean-Claude Juncker is planned to step down in this Summit. The EU ministers are likely to discuss the future progress of the EU economy and perhaps start their debates over the multi-year EU budget;
For the rest of the report you can see it at Seeking Alpha
Current Gold and Silver Rates as of January 21st
Gold (short term delivery) is traded at $1,690.4 per t oz. a $3.4 or 0.2% increase as of 08:32*.
Silver (short term delivery) is at $31.97 per t oz – a $0.03or 0.1% increase as of 08:32*.
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
Tentative – Bank of Japan –Monetary Policy Statement
10:00 –German ZEW economic sentiment
Tentative – GB 10 Year Bond Auction
13:30 – Canada Retails Sales
15:00 – U.S. Existing Home Sales
18:00 – ECB President Speaks
00:30 – Australia’s CPI for Q4 2012
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