The prices of silver and gold didn’t do much during last week: both metals started off the week rising, but they have changed course and tumbled down during the second part of the week. One of the main events last week, Bernanke’s testimony at the Hill, didn’t seem to influence bullion traders. Will gold and silver resume their downward trend this week? As I have pointed out in the recent precious metals weekly outlook, several reports, events and decisions may affect bullion prices. These items include: rate decisions of ECB, Bank of England, Bank of Japan, and Bank of Canada, U.S trade balance, Australia’s GDP for Q4 2012, U.S non-farm payroll report, China’s CPI, EU monetary development, U.S factory orders and U.S jobless claims. On today’s agenda: Spain’s unemployment Change, EU Economic Summit, Australian Retail Sales, and Reserve Bank of Australia Cash Rate decision.
Here is a short outlook for precious metals for Monday, March 4th:
Precious Metals – March Update
On Friday, the price of gold slipped by 0.37% to $1,571.9; Silver, on the other hand, increased by 0.2% to $28.45. During last week, gold inched down by 0.03%; silver, by 0.03%. Moreover, during the previous week, the SPDR Gold Shares (GLD) declined by 0.35% and reached by March 1st 152.44.
Current Gold and Silver Rates as of March 4th
Gold (short term delivery) is traded at $1,572 per t oz. a $0.5 or 0.03% increase as of 08:35*.
Silver (short term delivery) is at $28.57 per t oz – a $0.08 or 0.28% increase as of 08:35*.
Daily Outlook for March 4th
Prices of gold and silver didn’t do much during last week, but on a monthly scale both metals fell – this resulted in the worst performing month for gold and silver since May 2012.
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):
08:00 – Spain’s unemployment Change
All Day – EU Economic Summit
00:30 – Australian Retail Sales
05:30 – Reserve Bank of Australia – Cash Rate Statement
All Day – ECONFIN Meetings
09:30 – GB Services PMI
15:00 – U.S. ISM Non-Manufacturing PMI
02:30 – Australian GDP Fourth Quarter 2012
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