Gold and silver edged down during last week. Will precious metals trade down during this week? Hurricane Sandy is expected to reach the East Coast including Washington, Philadelphia, New York and New Jersey by late Monday or early Tuesday. CME closed its trading in New York. The trading of forex will continue and gold will trade in Asia markets and OTC. In any case, this Hurricane is likely to curb the volatility of gold and silver prices throughout the week. As I have mentioned in the precious metals weekly outlook, the main reports of the week will revolve around non-farm payroll report, U.S manufacturing PMI, BOJ monetary policy statement, and U.S factory orders report. On today’s agenda: BOJ Monetary Statement and U.S Personal Spending.
Here is a short outlook for precious metals for Monday, October 29th:
Precious Metals –October Update
On Friday, Gold edged down by 0.06% to $1,711; Silver also slipped by 0.13% to $32.04. During last week, gold decreased by 0.7%; silver, by 0.2%. Furthermore, on Friday the SPDR Gold Shares (GLD) also fell by 0.61% and reached by October 26th165.93.
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Current Gold and Silver Rates as of October 29th
Gold (November 2012 delivery) is traded at $1,712.4 per t oz. a $0.5 or 0.03% increase as of 11:05*.
Silver (November 2012 delivery) is at $31.935 per t oz – a $0.101 or 0.32% decrease as of 11:05*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
13:30 – U.S Personal Spending
Tentative – Bank of Japan – Rate Decision and Monetary Policy Statement
07:00 – Bank of Japan Outlook Report
Tentative – Italian 10 Year Bond Auction
09:00 – ECB President Speaks
15:00 – U.S Consumer Confidence
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