Gold and silver bounced back on the last day of last week but this rally might not last long. According to the recent Chinese GDP report for Q2, China expanded by only 7.6 in annual terms. There are many items of today’s agenda including: Euro Area Annual Inflation, U.S. Retail Sales Report and Monetary Policy Meeting Australia’s Bank. Currently gold and silver are falling.
Here is a short outlook for precious metals for Monday, July 16th:
Precious Metals – July Update
Gold rose on Thursday by 1.71% to $1,592; Silver also increased by 0.77% to $27.37. During July, gold declined by 0.76% and silver by 0.88%. Furthermore, on Friday the SPDR Gold Shares (GLD) also rose by 1.01% and reached by July 13th 154.14. Currently, GLD is declining.
The ratio between the two precious metals rose on Friday to 58.17. During July the ratio edged down by 0.12% as gold slightly out-performed silver.
Current Gold and Silver Rates as of July 16th
Gold (August 2012 delivery) is traded at $1,584.7 per t oz. a $7.3 or 0.46% decrease as of 12:03*.
Silver (August 2012 delivery) is at $27.055 per t oz – a $0.314 or 1.15% decrease as of 12:02*.
For the rest of the report you can see it in Seeking Alpha
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
10:00 – Euro Area Annual Inflation
13:30 –U.S. Retail Sales Report
00:30 – Monetary Policy Meeting Australia’s Bank
09:30 – Great Britain CPI
10:00 –German ZEW economic sentiment
10:00 –Governor King speaks
13:30 –U.S Core Consumer Price Index
14:00 – Bank of Canada’s Overnight Rate
15:00 – Bernanke’s Testimony
For further reading: