The prices of gold and silver remained nearly unchanged on a weekly scale. The optimism in the precious metals markets following the recent decision of U.S policymakers to raise taxes and averting the “fiscal cliff” didn’t last long. The prices of gold and silver resume their downward trend on the last couple of days of last week following the recent minutes of the FOMC meeting and the rise in U.S employment. Will gold and silver continue to fall? As I have stated in the latest precious metals weekly outlook, several reports may affect precious metals this week. These items include: U.S trade balance report, China’s new loans, ECB rate decision and jobless claims weekly update. On today’s agenda: SNB Foreign Currency Reserve and Australian Trade Balance.
Here is a short outlook for precious metals for Monday, January 7th:
Precious Metals – January Update
On Friday, the price of gold fell by 1.53% to $1,648.9; Silver price also tumbled by 2.52% to $29.92. During last week, gold edged down by 0.36%; silver, by 0.01%. Moreover, during last week, the SPDR Gold Shares (GLD) slipped by 0.06% and reached by January 4th 160.44.
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Current Gold and Silver Rates as of January 7th
Gold (short term delivery) is traded at $1,655 per t oz. a $6.5 or 0.39% increase as of 12:52*.
Silver (short term delivery) is at $30.19 per t oz – a $0.24or 0.8% increase as of 12:52*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
09:00 – Swiss National Bank Foreign Currency Reserve
02:30 – Australian Trade Balance
Day after Tomorrow
10:00 – Euro Area unemployment rate
11:00 – Euro Area Retail Sales
11:00– German Factory Orders
Tentative –China’s Trade Balance
Tentative – China New Loans
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