Gold and silver didn’t do much yesterday after they had rallied in the past couple of days. The slow market day has passed and today the situation should be different. The rally in oil and U.S stock markets didn’t coincide with the decline in metals during yesterday’s trading. Today, there are several important reports to come out including: U.S jobless claims weekly update, American Trade Balance and U.S PPI.
Gold edged down on Wednesday by 0.02% to $1,660; silver also decreased by 0.5% to $31.52. During April, gold declined by 0.67% and silver by 2.96%.
On Today's Agenda
U.S. PPI:In the previous report regarding February this index for finished goods edged up by 0.4% compared with January's rate and rose by 3.3% in the past 12 months; this news might affect the path of bullion;
U.S. Jobless Claims Weekly Update: this upcoming weekly update may affect the strength of the US dollar and consequently may affect bullion; last week U.S initial jobless claims continued its downward trend and declined to 357k. If this trend will continue it might have a positive effect on USD.
Daily Analysis
Gold and silver didn’t do much yesterday and they still haven’t recovered from their tumble at the beginning of the month following he publication of the recent FOMC meeting minutes, despite the disappointing U.S labor report . The major currencies aren’t moving much and in no clear direction and this trend also reflect the path of gold and silver prices. Today’s market reports to be published may affect forex markets including the Euro and consequently bullion. These reports especially the U.S PPI may also have a direct effect on bullion.
This gold and silver outlook was first published in Trading NRG
For further reading:
Gold and Silver Prices Outlook for April 2012
By: Lior Cohen, M.A. in Economics, Commodities Analyst and Blogger at Trading NRG
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