Gold and silver continued their slow paced rise during yesterday and thus completed a two day rally. Will this rally continue throughout the rest of the week is not clear yet. Today the minutes of the FOMC meeting will be released. This might offer some insights as to previous decision and hint on the future steps of the FOMC in the upcoming meeting at the end of the month. The U.S continued to show signs of progress as the U.S PMI manufacturing index increased from 52.7% in February to 53.4% in March. This means the U.S economy is not only expanding but also at a faster pace. This news may have been among the factors driving up not only commodities, but also American stocks during the day. There are several other reports to be published today worth noticing: the RBA cash statement, U.S factory orders, and Australian trade balance.
Gold rose again by 0.47% to $1,679; silver also increased by 1.89% to $33.1.
Commodities Related News for April 3rd
Goldman Sachs cut its recommendations on raw commodities;
The S&P500 has outperformed gold price during 2012 so far;
The EU rate on unemployment edged up from 10.7% in January to 10.8% in February. This news may have pulled down a bit the Euro which is strongly correlated with the changes in bullion prices.
FOMC Meeting Minutes: Following the last FOMC meeting, in which it was decided not to introduce nay additional monetary expansion measures, the market promptly reacted to this news as gold and silver prices sharply fell. The minutes of the FOMC meeting might offer some insight behind this decision regarding the future steps of the FOMC;