Gold and silver changed direction again and slightly declined during last week. Despite the sharp shifts in the prices of gold and silver in recent weeks, they have moved with an unclear trend. Will gold and silver bounce back this week? As I have written in the precious metals weekly outlook, there are several events and reports that may affect precious metals prices. These items include: Bernanke’s speech, U.S housing data (existing home sales, building permits and housing starts) and Euro-group meeting. On today’s agenda: U.S. Existing Home Sales, Minutes of RBA’s monetary policy meeting, Bank of Japan monetary policy meeting.
Here is a short outlook for precious metals for Monday, November 19th:
Precious Metals –November Update
On Friday, the price of gold edged up by 0.05% to $1,714.7; Silver price, on the other hand, declined by 0.92% to $32.37. During last week, gold decreased by 0.92%; silver, by 0.71%.
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Current Gold and Silver Rates as of November 19th
Gold (December 2012 delivery) is traded at $1,725.6 per t oz. a $10.9 or 0.64% increase as of 13:20*.
Silver (December 2012 delivery) is at $32.73 per t oz – a $0.36 or 1.11% increase as of 13:20*.
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
15:00 – U.S. Existing Home Sales
00:30 – Minutes of Australia’s Bank Monetary Policy Meeting
Tentative – Bank of Japan – Rate Decision and Monetary Policy Statement
07:00 –Bank of Australia Governor Stevens speaks
All Day – Euro-group Meeting
13:30 – U.S. Housing Starts
13:30 – U.S. Building Permits
17:15 – Bernanke’s Speech
23:50 – Japanese Trade balance
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