The prices of bullion tumbled down again for the third consecutive day. The recent U.S reports showed signs of progress. U.S GDP growth rate was revised up to 3.1%; Philly Fed index bounced back in the December survey; jobless claims increased by 17k to reach 361k. These reports, expect the jobless claims report, may have pulled down the prices of gold and silver. Further, the low trading volume may have also been among the reasons for the sharp rise in volatility. Will precious metals bounce back today? On today’s agenda: Great Britain Current Account, Great Britain Net borrowing, GB revised GDP Q3 2012, Canada’s CPI, Canada’s GDP by Industry, U.S Core Durable Goods and U.S Personal Spending.
On Thursday, the price of gold fell again by 1.29% to $1,645; Silver price also declined by 4.58% to $29.62. During the month, gold decreased by 3.84%; silver, by 10.79%.
On Today’s Agenda
GB revised GDP Q3 2012: This will the final projection for the quarterly growth rate of the British economy during the third quarter; according to the previous estimate the third quarter grew by 1%;
Canada’s CPI: This report will refer to the CPI and core consumer price index (controlling the volatile components such as energy, fruit and vegetables) for November 2012. According to the Canadian CPI report for October 2012, the core CPI rose by 0.3% during the month – this is a slightly higher rate than in September. This report might affect the Canadian dollar, which is also strongly linked with commodities rates;
Canada’s GDP by Industry: In the recent report regarding September, the real gross domestic product edged up again by 0.1%. This report may affect the strength of the Canadian dollar currency, which is strongly correlated with gold and silver;
U.S Core Durable Goods: This report may indirectly indicate the developments in U.S. demand for commodities such as oil. As of October, new orders of manufactured durable goods rose to $216.9 billion; if this report will show a gain in new orders then it could pull up US dollar;
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