Gold and silver changed course again this time slightly rose after they have tumbled down a day earlier. Major “risk related currencies” such as the Euro and Canadian dollar also rallied against the USD. Yesterday, it was reported that number of jobless claims declined by 42k to reach 388k. This news, however, didn’t help pull up the USD. The minutes of the recent FOMC meeting raised the speculation that the Fed’s asset purchase program may end sooner than many had anticipated. This news may keep pulling down precious metals. Will gold and silver change course again and fall? Currently, the prices of gold and silver are tumbling down. On today’s agenda: EU Industrial Production, UoM Consumer Sentiment (update: consumer sentiment fell from 78.6 in March to 72.3 in April, Bernanke’s Speech, Euro-Group Summit, U.S. Producer Price Index and retail sales monthly report (update: retail sales declined by 0.4%).
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On Thursday, the price of gold changed direction and slightly increased by 0.39% to $1,564.5; Silver also rose by 0.16% to $27.70. During April, gold declined by 1.9%; silver, by 2.1%.
The ratio between the two precious metals rose on Thursday to 56.49. During April, the ratio remained nearly unchanged and edged up by 0.21% as gold performed much like silver.
On Today’s Agenda
Euro-Group Summit: In this summit, the EU ministers of finance are likely to refer to theCyprus debt crisis. They will convene inDublin. In this summit the EU ministers are likely to go over steps needed to take vis-à-vis theCyprus bailout;
U.S. Producer Price Index: This report will show the changes in the PPI during March 2013, i.e. the inflation rate from the producers’ side. In the previous report regarding February, this index for finished goods increased by 0.7% compared with January’s rate and by 1.7% in the past 12 months; this news might affect the path of commodities rates;
U.S. Retail Sales Report: in the recent report regarding February, the retail sales rose by 1.1% from the previous month; this report could signal the developments in U.S’s consumer demand;
EU Industrial Production: this report will show the monthly changes in the industrial production as of March; as of February, the production declined by 0.4%;
UoM Consumer Sentiment (preliminary):University ofMichigan will come out with its preliminary consumer sentiment monthly update; this survey could offer an insight to latest changes in U.S consumers’ sentiment; based on the recent update, the sentiment index changed direction and fell to 71.8;
Bernanke’s Speech: Chairman of the Federal Reserve Ben Bernanke will give another speech this week at the 2013 Federal Reserve System Community Development Research. The title of his speech is “Creating Resilient Communities“.
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