Gold and silver prices didn't do much on Monday and gold slightly declined, while silver rose again. Their small movement coincides with the developments in the forex markets as the US didn’t move much against leading currencies. In U.S, the core durable goods report came out yesterday: New orders of durable goods decreased by 7.3% during last month compared to June. This news may pull back the U.S dollar and thus may keep the rally of precious metals. Will gold and silver further rise? On today's agenda: German Ifo Business Climate Index and U.S Consumer Confidence.
On Monday, gold slipped by 0.17% to $1,392.60; Silver rose by 1.15% to $24.01. During August, gold increased by 6.11%; silver rallied by 22.33%.
The gold and silver futures volumes of trade have declined in recent days and reached on Monday 108 thousand and 81 thousand, respectively. For gold, the volume is at its lowest since the beginning of the month. If the volume will remain low this week, this could suggest the odds of sudden sharp move in the prices of gold and silver due to low volume will diminish.
On Today's Agenda
German Ifo Business Climate Index: This index comprises the developments (on a monthly basis) of manufacturers, builders, wholesalers, and retailers in Germany as of August. In the recent report for July 2013, the business climate index inched up from 105.9 in June to 106.2 in July;
U.S Consumer Confidence: Based on the recent monthly update, for May, the consumer confidence index declined to 80.3 (month-over-month). The current expectations are that the July index may change direction and rise; this report might affect commodities prices;
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