Gold and Silver Prices – Outlook For September 10

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*.

(* GMT)

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):

Today

00:30 – Japan Current Account

Tentative –China’s Trade Balance

Tentative – China New Loans

Tomorrow

13:30 –Canadian Trade Balance

13:30 –American Trade Balance

Tentative –OPEC Monthly Report

For further reading:

1 comment for “Gold and Silver Prices – Outlook For September 10

  1. merit
    September 10, 2012 at 11:20 am

    Comments on gold price is considering on “QE3 or not” and Germany Constitutional Court decision probability on “confirm or cancel about aid plan” . Let me see this week carefully to say net where gold price would go?

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