Gold and silver changed direction and rallied during last week. Will precious metals continue to rise during this week? As I have pointed out in the precious metals weekly outlook, there are several events and reports that could affect the bullion market. These items include: Euro-group meeting, minutes of the recent FOMC meeting, Bernanke’s speech, U.S retail sales, Philly Fed survey and U.S jobless claims. On today’s agenda: Euro-group meeting.
Here is a short outlook for precious metals for Monday, November 12th:
Precious Metals –November Update
On Friday, Gold increased by 0.28% to $1,730; Silver also rose by 1.12% to $32.6. During last week, gold increased by 3.32%; silver, by 5.64%. Furthermore, on Friday the SPDR Gold Shares (GLD) also increased by 3.21% and reached by November 9th 167.82.
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Current Gold and Silver Rates as of November 12th
Gold (December 2012 delivery) is traded at $1,734.9 per t oz. a $4 or 0.23% increase as of 14:43*.
Silver (December 2012 delivery) is at $32.55 per t oz – a $0.05 or 0.17% decrease as of 14:43*.
(* GMT)
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
Today
All Day – Euro-group Meeting
Tomorrow
All Day – European Council Meeting
09:30 – Great Britain CPI
10:00 –German ZEW economic sentiment
Tentative – BOE Inflation Estimate
19:00 –U.S. Federal Budget Balance
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