The prices gold and silver traded up again during last week, and I suspect precious metals rates will further increase this week. The number of jobs added in August according to the U.S non-farm payroll report didn’t meet expectations. This news may have been among the factors to pull up precious metals and depreciate the USD. As I have pointed out in the precious metals weekly outlook the main event of the week will revolve around the FOMC meeting. But there are several other events and reports that could affect the bullion market including: EU Council meeting, German Court Ruling on bailout, U.S retail sales report and U.S CPI. On today’s agenda: Japan Current Account, China’s Trade Balance, and China New Loans.
Here is a short outlook for precious metals for Monday, September 10th:
Precious Metals –September Update
On Friday, Gold rose by 2.1% to $1,740.5; Silver also hiked by 3.1% to $33.69. During last week, gold increased by 3.1%; silver, by 7.2%. Furthermore, on Friday the SPDR Gold Shares (GLD) also hiked by 2.15% and reached by September 9th 168.44.
Current Gold and Silver Rates as of September 10th
Gold (October 2012 delivery) is traded at $1,739.9 per t oz. a $0.6 or 0.03% decrease as of 06:08*.
Silver (October 2012 delivery) is at $33.87 per t oz – a $0.18 or 0.53% increase as of 06:07*.
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):
00:30 – Japan Current Account
Tentative –China’s Trade Balance
Tentative – China New Loans
13:30 –Canadian Trade Balance
13:30 –American Trade Balance
Tentative –OPEC Monthly Report
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