Gold and silver prices tumbled down during the last couple of days of last week: the ECB rate cut decision and the disappointing U.S employment report may have been among the key factors dragging down bullion rates. Will this downward trend continue during this week? On today’s agenda: ECB President Draghi will give a speech and BOC Business Outlook Survey will come out. The recent talks that China is considering to issue a stimulus plan in order to jump start the economy might have driven traders towards commodities during today’s trading.
Here is a short outlook for precious metals for Monday, July 9th:
Precious Metals – July Update
Gold decreased on Friday by 1.9% to $1,578.9; silver also tumbled down by 2.71% to $27.67. During July, gold declined by 1.58% and silver by 2.51%. Furthermore, on Friday the SPDR Gold Shares (GLD) also fell by 1.26% and reached by July 6th 153.71. Currently, GLD is declining by nearly 0.1%.
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Current Gold and Silver Rates as of July 9th
Gold (August 2012 delivery) is traded at $1,586.9 per t oz. a $8 or 0.51% increase as of 13:24*.
Silver (August 2012 delivery) is at $27.205 per t oz – a $0.285 or 1.06% increase as of 13:24*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
13:30 – ECB President Draghi Speaks
15:30 – BOC Business Outlook Survey
09:30 – Great Britain Manufacturing Production
All Day – European Council Meeting
Tentative –China’s Trade Balance
Tentative – China New Loans
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