Gold and silver remained nearly unchanged last week, despite the sharp changes in other commodities markets, most notably the oil market, and the shifts in the foreign exchange markets. The recent non-farm payroll report, in which 114k jobs were added during September, pulled down commodities prices on Friday. In Europe, there are reports that it’s just a matter of time before Spain will request the bailout from ECB. Until then, the uncertainty around the Euro will remain high; this sentiment could pull down the Euro, which is likely to drag along with it bullion prices. As I have indicated in the precious metals weekly outlook the main events of the week will revolve around: Euro-Council meeting, G7 Summit, U.S trade balance, the ongoing developments in Europe mainly around Spain and Greece, U.S PPI and ECB President’s speech. Today, Euro-group will convene, German Industrial Production report will come out, and Japan Current Account will be released.
Here is a short outlook for precious metals for Monday, October 8th:
Precious Metals –October Update
On Friday, Gold declined by 0.87% to $1,780.8; Silver also fell by 1.51% to $34.57. During last week, gold increased by 0.39%; silver edged down by 0.01%. Furthermore, on Friday the SPDR Gold Shares (GLD) also decreased by 0.57% and reached by October 5th 172.62.
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Current Gold and Silver Rates as of October 8th
Gold (November 2012 delivery) is traded at $1,769.8 per t oz. a $11 or 0.62% decrease as of 07:05*.
Silver (November 2012 delivery) is at $33.945 per t oz – a $0.627 or 1.81% decrease as of 07:05*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
All Day – Euro-group Meeting
11:00– German Industrial Production
00:30 – Japan Current Account
08:30 – ECB President Speaks
09:30 – Great Britain Manufacturing Production
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