The prices gold and silver moved with an unclear trend during last week, but I suspect bullion rates might trade down during the week. As I have pointed out in the precious metals weekly outlook the main events of the week will revolve around the U.S core durable goods, minutes of FOMC meeting and EU and China’s manufacturing PMI. There are still speculations around whether ECB and Bank of China will issue a stimulus plan; until there will an actual announcement by either bank, it could continue affecting forex and commodities markets. On today’s agenda: Minutes of RBA monetary policy meeting.
Here is a short outlook for precious metals for Monday, August 20th:
Precious Metals –August Update
On Friday, Gold edged up by 0.01% to $1,619.4; Silver declined by 0.75% to $28.09. During August, gold rose by 0.3%; silver, by 0.62%. Furthermore, on Friday the SPDR Gold Shares (GLD) also edged up by 0.1% and reached by August 10th 156.72.
Current Gold and Silver Rates as of August 20th
Gold (September 2012 delivery) is traded at $1,614.8 per t oz. a $4.6 or 0.28% decrease as of 14:00*.
Silver (September 2012 delivery) is at $28.04 per t oz – a $0.047 or 0.17% decrease as of 14:01*.
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):
00:30 – Minutes of Australia’s Bank Monetary Policy Meeting
09:30 – Great Britain Net borrowing
00:50 – Japanese Trade balance
For further reading: