The recent FOMC meeting didn't seem to affect much the prices of gold and silver during last week, as the FOMC left its monetary policy unchanged. On a weekly scale, both gold and silver edged down. Several U.S reports may have slightly affected precious metals rates during last week: during the third quarter, the U.S GDP rose by 2%, – this growth rate was slightly higher than many had anticipated; the U.S new home sales rose again during September; jobless claims fell by 23k to reach 369k;. During the previous week, the Euro/USD declined by 0.65%; on the other hand, the Aussie dollar depreciated against the USD by 0.41%. This mixed trend may have contributed to the low movement of bullion rates. The main events of the week will include the non-farm payroll report, BOJ monetary policy statement and U.S manufacturing and factory orders reports.
The video report herein has an outlook of gold and silver for the main publications and events that may affect precious metals during October 29th and November 2nd. Some of these reports include:
Wednesday – China Manufacturing PMI: According the recent report regarding September 2012 the Manufacturing PMI rose to 49.8; this means that China's manufacturing sectors continues to contract but at a slower pace than in the previous month; if the index will rise again and even pass the 50 mark, this may positively affect commodities;
Wednesday – U.S. Manufacturing PMI: During September 2012 the index rose to 51.5%, which means the manufacturing is growing; this index may affect forex, and commodities markets;
Friday – U.S. Non-Farm Payroll Report: in the recent report for September 2012, the labor market expanded by a higher than expected rate: the number of non-farm payroll employment rose by 114k; if the upcoming report will continue to show growth of above 110 thousand (in additional jobs), this may lower the chances of the Fed introducing additional stimulus plan by the end of the year; this report may affect not only the U.S dollar, but also commodities (see here my last review on the U.S employment report);
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