Gold and silver prices bounced back from Wednesday’s tumble. The U.S unemployment claims edged up to 353k, which may have strengthened the US dollar during yesterday against many currencies. Currently gold and silver prices are slightly falling. Today Canada’s GDP monthly update will be published.
Here is a short analysis on gold and silver for Friday, March 2nd:
Gold and Silver– March Update
Gold price slightly rose on Thursday by 0.64% to $1,722.2; silver much like gold traded up by 2.94% to $35.66. During the week, gold fell by 3.05% while silver increased by 0.68%.
The chart below shows the developments of gold and silver during the last couple of weeks (prices are normalized to February 16th).
The ratio between gold and silver declined during Thursday, and reached 48.29. During the week the ratio declined by 3.71% as silver has outperformed gold. In the chart below are the changes in this ratio during February and March.
Canada’s GDP by Industry: In the recent report, the GDP edged down by 0.1%. This report might affect the trading on the Canadian dollar currency and consequently gold and silver prices (for the full previous report);
Forex / Gold & Silver Market – March
The Euro/U.S Dollar slightly declined on Thursday by 0.11% to 1.3311. During the week Euro/U.S Dollar decreased by 1.03%; on the other hand, the Australian dollar appreciated against the U.S. dollar by 0.72%. Since these two currencies are historically connected with the changes of gold and silver prices; if the Euro and Australian dollar will trade down during the day; it could indicate that gold and silver prices will fall. Currently, the Euro/USD is declining.
Current Gold and Silver Prices March 2nd
Gold (April 2012 delivery) is traded at $1,717.5 per t oz. a $4.7 or 0.27% decrease as of 07:39*.
Silver (April 2012 delivery) is at $35.29 per t oz – a $0.371 or 1.04% decrease as of 07:39*.
Gold and Silver Daily Outlook
Gold and silver prices continue to zigzag and after their tumble on February 29th, they have managed to bounce back yesterday. This no clear direction might continue today. The upcoming Canada’s GDP report might affect the direction of Canada’s dollar if there will be sharp shift, which in turn may also affect the nudge gold and silver prices.
Here is a reminder of the top events and reports that are planed for today (all times GMT):
13:30 – Canada’s GDP by Industry
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