Gold and silver edged up on the last day of the week but on a weekly scale both precious metals slightly declined. As I have pointed out in the gold and silver weekly outlook the main reports of the week will come out on Thursday and Friday that include the core durable goods and U.S GDP reports, respectively. The ongoing weakness of the Euro doesn’t help bullion rates to recover from their slump. Currently gold and silver are falling. Further there are sharp falls in many other markets including oil, stocks and exchange rates (mainly the Euro). The rising concerns over Greece and its debt crisis may have contributed to the current negative sentiment. On today’s agenda: FOMC member Raskin speaks, China flash Manufacturing PMI and Bank of Australia Stevens speaks.
Here is a short outlook for precious metals for Monday, July 23rd:
Precious Metals – July Update
Gold edged up on Friday by 0.15% to $1,582.8; Silver also pulled up by 0.31% to $27.3. During July, gold fell by 1.33% and silver by 1.12%. Furthermore, on Friday the SPDR Gold Shares (GLD) also edged up by 0.19% and reached by July 20th 153.67.
Current Gold and Silver Rates as of July 23rd
Gold (August 2012 delivery) is traded at $1,570.3 per t oz. a $12.5 or 0.79% decrease as of 09:36*.
Silver (August 2012 delivery) is at $26.83 per t oz – a $0.472 or 1.73% decrease as of 09:36*.
For the rest of the report you can see it in Seeking Alpha
00:00 – FOMC member Raskin speaks
3:30– China flash Manufacturing PMI
4:05 –Bank of Australia Governor Stevens speaks
09:00 – Flash Euro Area Manufacturing PMI
13:30 –Retails Sales Canada
13:45 – Bernanke’s Speech
14:00 – U.S. Flash Manufacturing PMI
00:50 – Japanese Trade balance
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