The price of gold slightly rose during last week. On the other hand, the price of silver inched down. The publication of several U.S reports including: the retail sales monthly report, jobless claims weekly update, the PPI and CPI monthly updates didn’t seem to affect precious metals prices during last week. Will gold and silver resume their rally this week? As I have pointed out in the recent precious metals weekly outlook, several reports, events and decisions may affect precious metals prices. These items include: FOMC meeting, U.S housing starts, Philly fed index, China’s manufacturing PMI and U.S jobless claims. The big news item from the weekend was related to the Cyprus bailout plan that is currently pulling down the Euro and other risk related currencies. This news might pull up safe haven investments including gold and silver. On today’s agenda: Minutes of Australia’s Bank Monetary Policy Meeting.
Here is a short outlook for precious metals for Monday, March 18th:
Precious Metals – March Update
On Friday, the price of gold edged up by 0.12% to $1,592.6; Silver also slightly rose by 0.15% to $28.83. During March, gold rose by 0.94%; silver, by 1.52%. Moreover, during last week, the SPDR Gold Shares (GLD) slightly increased by 0.84% and reached by March 15th 154.
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Current Gold and Silver Rates as of March 18th
Gold (short term delivery) is traded at $1,602.4 per t oz. a $11.1 or 0.62% increase as of 08:51*.
Silver (short term delivery) is at $28.86 per t oz – a 0.01% increase as of 08:51*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
00:30 – Minutes of Australia’s Bank Monetary Policy Meeting
10:30 – Great Britain PPI Input
11:00 – German ZEW economic sentiment
Tentative – Bank of England Inflation letter
For further reading: