The prices of silver and gold slightly rose during last week. The main financial events last week including: the ECB press conference, in which ECB President Mario Draghi maintained his optimism regarding the progress of the EU, and the sharp rise in U.S employment during February, didn’t seem to affect precious metals prices. Will gold and silver continue to trade up this week? As I have stated in the latest precious metals weekly outlook, several reports, summits and decisions may affect precious metals prices. These items include: U.S consumer price index, U.S PPI, U.S consumer sentiment, Australia’s employment report, U.S retail sales, and U.S jobless claims. On today’s agenda: French Industrial Production, China’s New Loans, and Minutes of Bank of Japan Monetary Policy.
Here is a short outlook for precious metals for Monday, March 11th:
Precious Metals – March Update
On Friday, the price of gold inched up by 0.11% to $1,576.9; Silver also increased by 0.49% to $28.92. During the month, gold inched down by 0.05%; silver increased by 1.86%. Moreover, during last week, the SPDR Gold Shares (GLD) edged up by 0.18% and reached by March 8th 152.71.
Current Gold and Silver Rates as of March 11th
Gold (short term delivery) is traded at $1,578.4 per t oz. a $1.5 or 0.1% increase as of 09:06*.
Silver (short term delivery) is at $28.93 per t oz – a $0.02 or 0.06% decrease as of 09:06*.
Daily Outlook for March 11th
Prices of gold and silver slightly increased during last week. The appreciation of the U.S dollar against major currencies including Euro, Yen and Canadian dollar may have slightly curbed the modest rally of precious metals.
For the rest of the report you can see it at Seeking Alpha
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
08:45 – French Industrial Production
Tentative – China New Loans
23:50 – Bank of Japan –Monetary Policy Minutes
09:30 – Great Britain Manufacturing Production
09:30 – Great Britain Trade Balance
Tentative –OPEC Monthly Report
19:00 –U.S. Federal Budget Balance
For further reading: