The prices gold and silver hiked during last week, and I suspect bullion rates will continue to trade up during this week. As I have pointed out in the precious metals weekly outlook the main events of the week will revolve around the U.S GDP, Bernanke’s speech at Jackson Hole, U.S pending home sales and China’s manufacturing PMI. There are still speculations around the future steps of ECB vis-à-vis its bond purchasing program that could continue affecting not only the Euro but also precious metals rates during the week. On today’s agenda: German Business Climate Survey and FOMC member Pianalto Speaks.
Here is a short outlook for precious metals for Monday, August 27th:
Precious Metals –August Update
On Friday, Gold edged up by 0.01% to $1,672.9; Silver rose by 0.55% to $30.71. During August, gold rose by 3.6%; silver, by 10%. Furthermore, on Friday the SPDR Gold Shares (GLD) also edged up by 0.05% and reached by August 24th 161.97.
Current Gold and Silver Rates as of August 27th
Gold (September 2012 delivery) is traded at $1,677.3 per t oz. a $4.4 or 0.26% increase as of 05:55*.
Silver (September 2012 delivery) is at $31.265 per t oz – a $0.556 or 1.81% increase as of 05:55*.
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):
09:00 – German Business Climate Survey
17:15 – FOMC member Pianalto Speaks
07:00 – German Consumer Climate
09:00 – Euro Area Monetary Development
15:00 – U.S Consumer Confidence
For further reading: