Last week gold and silver started off the week the same way they have shifted during the last couple of weeks with little movement until Friday when both metals (mainly gold) spiked. The disappointing U.S employment figures were the obvious catalyst for this sharp gain for both metals on Friday. This news may have rekindled the speculation regarding the possibility of the Fed introducing another quantitative easing program. If there will be another QE program it could reheat the current stagnate bullion market and drive prices up again. I'm not sure the current economic situation warrants another QE program. The upcoming FOMC meeting at the end of June might affect the markets if the tone of the FOMC will change from the previous meetings.

The weekly outlook report (video) for Gold and Silver

During last week, gold edged down during the first few days of the week but spiked on Friday. During last week it rose by 3.24%; Silver increased on a weekly scale by 0.44%. Furthermore, during last week the SPDR Gold Shares (GLD) also rose by 3.16% and reached by June 1st 157.5, which is still a low rate for 2012.

For further reading:

Weekly Outlook for June 4-8

Gold and Silver Outlook for June