Gold and Silver Outlook for December 26th
Following last week’s FOMC decision to mini-taper QE3 by $10 billion, the markets have calmed down this week. Further, the holiday season in the U.S and Europe has curbed down the volatility in the commodities, forex and stock markets. This low volatility is likely to continue in the coming days until New Year’s. On today’s agenda: Minutes of Bank of Japan’s Monetary Policy Meeting and U.S. Jobless Claims.
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On Tuesday, gold slightly rose by 0.52% to $1,203.6; Silver, by 0.39% to $19.45. During December, gold declined by 3.75%; silver, by 2.73%. The ratio between the two precious metals rose on Tuesday to 61.87. During December, the ratio slightly slipped by 1.05% as silver has moderately out-performed gold. The gold and silver futures volumes of trade have tumbled down and reached on Tuesday 45 thousand and 12 thousand, respectively. The volume of trade is likely to remain low in the coming days.
On Today’s Agenda
Minutes of Bank of Japan’s Monetary Policy Meeting: Bank of Japan kept this month its monetary policy unchanged. The minutes may offer some insight regarding the bank’s future plans; this news may affect the Japanese yen and consequently commodities prices;
U.S. Jobless Claims Weekly update: This weekly report will pertain to the changes in the initial jobless claims for the week ending on December 22nd; in the previous report the jobless claims increased by 10k to reach 379k; this next weekly report may affect the U.S dollar and consequently commodities and stocks markets;
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