The prices gold and silver remained nearly unchanged for the fifth consecutive business day after they had increased precipitately during the first couple of weeks of September. The depreciation of the Euro along with other "risk currencies" may have curbed the rally of precious metals. The Philly Fed index slightly rose in September to reach -1.9 which is still negative. The U.S jobless claims remained high as they had decreased by only 3k to 382k for last week. These news items may have contributed to the modest fall in commodities prices. On today's agenda: Great Britain Net borrowing, Canada's Core CPI, and FOMC member Lockhart's Speech.
On Thursday, Gold changed direction and edged down by 0.08% to $1,770.2; Silver on the other hand increased by 0.27% to $34.68. During the month, gold rose by 4.89%; silver, by 10.3%.
On Today's Agenda
Great Britain Net borrowing: this report will refer to the monthly changes in the public sector net borrowing for August; as of July, the net borrowing reached £0.6 billion;
Canada's Core CPI: This report will pertain to the core consumer price index for August 2012 and controlling the volatile components such as energy, fruit and vegetables. According to the Canadian CPI report for July 2012, the CPI rose by 1.3% during the past 12 month up to July – this is a slightly lower rate than in June. This report might affect the Canadian dollar, which is also strongly correlated with precious metals prices;
FOMC member Lockhart's Speech: He is expected to speak about the Fed's monetary policy and his projection for the U.S economy.
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