Gold and Silver Outlook for March 14

+2.72%
Upside
16.64
Market
17.09
Trefis
GOLD: Barrick Gold logo
GOLD
Barrick Gold

Submitted by Trading NRG as part of our contributors program.

Gold and silver changed course and slightly declined on Wednesday. Their decline coincided with the drop of leading currencies against USD such as Euro and Aussie dollar. The U.S retail sales report, which was published yesterday, showed retail sales rose last month by the highest rate in months. This means the economic activity in the US grew. This news may have partly contributed to the moderate decline in precious metals. Will gold and silver continue to fall? On today’s agenda: ECB Monthly Bulletin, Libor Rate of Swiss National Bank, EU Economic Summit, U.S. Jobless Claims, and U.S. Producer Price Index.

On Wednesday, the price of gold slipped by 0.57% to $1,588.4; Silver also decreased by 0.72% to $28.93. During March, gold rose by 0.68%; silver increased by 1.9%.

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The linear correlation of the two precious metal daily percent changes remains strong and robust, as indicated in the chart below. During March the linear correlation of their daily percent changes rose from February’s correlation, which means the two metals’ relation has tighten in recent weeks.

On Today’s Agenda

U.S. Producer Price Index: In the previous report regarding January, this index for finished goods inched up by 0.2% compared with December’s rate but rose by 1.4% in the past 12 months; this news might affect the direction of precious metals rates;

U.S. Jobless Claims: in the latest report the jobless claims slightly declined by 7k to reach 347k; this upcoming weekly report may affect the direction of U.S dollar and consequently commodities and stocks markets;

EU Economic Summit: In this summit, the EU ministers of finance will present a plan for budget austerity. They will convene in Brussels. In this summit the EU ministers are likely to go over the issue of how the ECB should oversight the EU banks.

For further reading:

Why Gold Isn’t Pulling Up?

Gold and Silver Report for March