Gold and silver declined during last week. Will precious metals continue their downward trend this week? As I have indicated in the precious metals weekly outlook, the main events of the week will revolve around the next FOMC meeting that will conclude on Wednesday, and the U.S third quarter GDP growth rate estimate that will be published on Friday. These events could have a strong effect on the forex and commodities markets. On today’s agenda: FOMC member Pianalto will speak.
Here is a short outlook for precious metals for Monday, October 22nd:
Precious Metals –October Update
On Friday, Gold declined by 1.19% to $1,724; Silver also fell by 2.35% to $32.1. During last week, gold decreased by 2%; silver, by 4.7%. Furthermore, on Friday the SPDR Gold Shares (GLD) also declined by 1.08% and reached by October 19th 166.94.
For the rest of the report you can see it at Seeking Alpha
Current Gold and Silver Rates as of October 22nd
Gold (November 2012 delivery) is traded at $1,723.7 per t oz. a $0.3 or 0.02% decrease as of 08:56*.
Silver (November 2012 delivery) is at $32.145 per t oz – a $0.048 or 0.15% increase as of 08:55*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
18:30 – FOMC member Pianalto’s Speech
13:30 –Retails Sales Canada
14:00 – Bank of Canada’s Overnight Rate
18:00 –Governor King speaks
02:45– China flash Manufacturing PMI
For further reading: