During last week gold and silver zigzagged during the week only the end it with gold slightly down and silver moderately up. There were many events that affected not only the bullion market, but also other commodities and the forex market. On Wednesday the FOMC announced it won’t change its monetary policy. The bullion rates declined the next day. I have referred in a recent article on the relation between the Fed’s policy and bullion prices. On Friday the non-farm payroll report came out – employment grew by 163k – higher than expected. This news rallied the forex and commodities markets.
Gold declined during last week by 0.83%; alternatively, during said time the average rate reached $1,609.18 /t. oz which is 0.41% above the previous week’s average rate of $1,602.68 /t. oz. Silver, unlike gold, rose on a weekly scale by 1.1%; further, the average rate rose by1.1% to reach $27.66/t oz compared to the previous week’s average $27.25/t oz. Furthermore, during last week the SPDR Gold Shares (GLD) also declined by 1.2% and settled by August 3rd at 155.55.
The video report presents an outlook of gold and silver for the main publications the main publications and events that may affect precious metals between August 6th and August 10th. Some of these reports include:
Monday – Bernanke’s Speech: Following last week’s FOMC decision to keep monetary policy unchanged, the markets will continue to look for hints in regards to the future steps of the FOMC. The Chairman of the Federal Reserve will talk before the 32nd General Conference of the International Association for Research in Income and Wealth. The title of the speech is “Economic Measurement “;
Thursday –American Trade Balance: This monthly report for June 2012 will present the recent changes in imports and exports of goods and services to and from the U.S, including commodities; according to the previous American trade balance report regarding May 2012 the goods and services deficit declined during the month to $48.7 billion.
Thursday – U.S. Jobless Claims Weekly Report: this update will refer to the weekly developments in the initial jobless claims for the week ending on August 3rd; in the latest update the jobless claims rose by 8k to 365,000;
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