Gold and silver changed direction and rose on Friday following the higher than expected growth in U.S jobs. This rally came after bullion prices declined on Thursday following the decision of the FOMC to keep its policy unchanged. As I have pointed out in the precious metals weekly outlook the main events of the week will revolve around the U.S trade balance and Bernanke’s speech. Today Bernanke will give a speech. Later on the RBA will announce its interest rate decision. If there will be a change in the rate it could affect the Aussie dollar which is strongly linked with bullion.
Here is a short outlook for precious metals for Monday, August 6th:
Gold rose on Friday by 1.17% to $1,609.3; Silver also increased by 2.99% to $27.8. During the week, gold fell by 0.83 %; silver rose by 1.1%. Furthermore, on Friday the SPDR Gold Shares (GLD) also rose by 0.92% and reached by August 3rd 155.55.
Current Gold and Silver Rates as of August 6th
Gold (September 2012 delivery) is traded at $1,611.5 per t oz. a $2.2 or 0.14% increase as of 11:10*.
Silver (September 2012 delivery) is at $27.7 per t oz – a $0.101 or 0.36% decrease as of 11:10*.
For the rest of the report you can see it in Seeking Alpha
14:00 – Bernanke’s Speech
05:30 – Reserve Bank of Australia – Cash Rate Statement
09:30 – Great Britain Manufacturing Production
19:30 – Bernanke’s Speech
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