Gold and silver edged up on the last day of the week; on a weekly scale both precious metals also increased. As I have pointed out in the gold and silver weekly outlook the main events of the week will revolve around the upcoming FOMC meeting and the publication of the non-farm payroll report. The U.S GDP grew by only 1.5% during Q2; this news didn’t seem to affect commodities prices on Friday. The rally of the Euro helped bullion rates to rise during last week. If the Euro will change direction and fall during the upcoming week this could also adversely affect precious metals prices. Currently gold and silver are rising. On today’s agenda: Spain’s GDP 2Q 2012 Estimate, Italian long term Bond Auction.
Here is a short outlook for precious metals for Monday, July 30th:
Gold edged up on Friday by 0.18% to $1,622.7; Silver also rose by 0.19% to $27.5. During July, gold rose by 1.15% while silver slipped by 0.41%. Furthermore, on Friday the SPDR Gold Shares (GLD) also edged up by 0.49% and reached by July 27th 157.54.
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Current Gold and Silver Rates as of July 30th
Gold (August 2012 delivery) is traded at $1,623.4 per t oz. a $0.7 or 0.04% increase as of 23:18*.
Silver (August 2012 delivery) is at $27.295 per t oz – a $0.171 or 0.62% increase as of 23:18*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
08:00 – First Spanish GDP 2Q 2012 Estimate
Tentative – Italian 30 Year Bond Auction
07:00 – German Retail Sales
10:00 – Euro Area Flash Estimate of Annual Inflation
10:00 – Euro Area unemployment rate
13:30 – Canada’s GDP by Industry
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