Gold slightly increased again during last week. On the other hand, the price of silver slipped. The recent developments in Cyprus raised the demand for safe haven investments at the beginning of the previous week. Over the weekend, the E.U leaders decided to approve the bailout plan of Cyprus and hold back the controversial deposit levy plan. Nonetheless, accounts holders of over 100k euro will be penalized along with senior bondholders of Laiki Bank. The FOMC meeting was concluded last week with no big headlines. Will precious metals rise this week? As I have stated in the latest precious metals weekly projection, several reports, speeches and events may affect precious metals rates. These items include: U.S core durable goods, Canada’s CPI, German retail sales, American new and pending home sales reports, EU monetary developments, U.S GDP and U.S jobless claims. This news might affect not only the Euro but also precious metals prices. On today’s agenda: Bernanke’s Speech.
Here is a short outlook for precious metals for Monday, March 25th:
Precious Metals – March Update
On Friday, the rate of gold fell by 0.48% to $1,606.1; Silver also fell by 1.76% to $28.67. During March, gold rose by 1.8%; silver, by 0.97%. Moreover, during last week, the SPDR Gold Shares (GLD) slightly increased by 1% and reached by March 22nd 155.55.
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Current Gold and Silver Rates as of March 25th
Gold (short term delivery) is traded at $1,599.4 per t oz. a $8.6 or 0.53% decrease as of 13:18*.
Silver (short term delivery) is at $28.73 per t oz – a 0.09% increase as of 13:18*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
17:15 – Bernanke’s Speech
04:45 –Governor Stevens speaks
13:30 – U.S Core Durable Goods
15:00 – U.S Consumer Confidence
15:00 – U.S. New Home Sales
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