The prices gold and silver edged down during last week, as the concerns over Greece and Spain may have contributed to the decline of the Euro and bullion. In the past couple of weeks the decision of the FOMC to launch QE3 didn’t seem to have much of an effect on bullion prices. I have referred to this issue in a recent post and think that the effect of QE3 on gold and silver will be slow and over time. As I have indicated in the precious metals weekly outlook the main events of the week will revolve around: U.S non-farm payroll report, the ongoing developments in Europe mainly around Spain and Greece, the minutes of the FOMC meeting and Bernanke’s speech. Today, Bernanke will give a speech regarding the Fed’s monetary policy. This speech could affect not only the USD but also precious metals. Other items on today’s agenda include: GB Manufacturing PMI, Euro Area unemployment rate and U.S. ISM Manufacturing PMI.Here is a short outlook for precious metals for Monday, October 1st:
Precious Metals –October Update
On Friday, Gold edged down by 0.37% to $1,773.9; Silver also slipped by 0.26% to $34.58. During last week, gold decreased by 0.23%; silver, by 0.18%. Furthermore, on Friday the SPDR Gold Shares (GLD) also decreased by 0.26% and reached by September 28th 171.89.
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Current Gold and Silver Rates as of October 1st
Gold (October 2012 delivery) is traded at $1,772.3 per t oz. a $1.6 or 0.09% decrease as of 08:33*.
Silver (October 2012 delivery) is at $34.49 per t oz – a $0.087 or 0.25% decrease as of 08:33*.
(* GMT)
Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):
Today
09:30 – GB Manufacturing PMI
10:00 – Euro Area unemployment rate
15:00 – U.S. ISM Manufacturing PMI
17:30 – Bernanke’s Speech
Tomorrow
05:30 – Reserve Bank of Australia – Cash Rate Statement
Tentative – Great Britain 10 Year Bond Auction
2:30 – Australian Trade Balance
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