The prices gold and silver remained nearly unchanged during last week, as the effect of the announcement of the FOMC to launch QE3 seems to have dissipated (for now). Further, this announcement might have been an opportunely for many traders to take part of their bets on bullion off the table. On the other hand, there are reports that hedge funds continue to raise their bets on gold. As I have indicated in the precious metals weekly outlook the main events of the week will revolve around, U.S core durable goods report, developments in Europe regarding the EU debt crisis (Spain and Greece) and U.S new and pending home sales. On today’s agenda: Minutes of the recent BOJ monetary policy meeting, FOMC member Williams Speech and German Business Climate Survey.
Here is a short outlook for precious metals for Monday, September 24th:
Precious Metals –September Update
On Friday, Gold edged up by 0.1% to $1,778; Silver on the other hand slipped by 0.09% to $34.64. During last week, gold increased by 1.85%; silver, by 2.87%. Furthermore, on Friday the SPDR Gold Shares (GLD) also increased by 0.29% and reached by September 21st 171.96.
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Current Gold and Silver Rates as of September 24th
Gold (October 2012 delivery) is traded at $1,761.8 per t oz. a $16.2 or 0.91% decrease as of 09:28*.
Silver (October 2012 delivery) is at $33.87 per t oz – a $0.768 or 2.22% decrease as of 09:28*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
00:50 –Minutes of the recent Japanese monetary policy meeting
08:30 – FOMC member Williams Speech
09:00 – German Business Climate Survey
07:00 – German Consumer Climate
13:30 –Retails Sales Canada
14:00 – ECB President Speech
15:00 – U.S Consumer Confidence
For further reading: