Precious metals continued to seek direction as both precious metals edged up on Thursday. These metals rose despite the decline of the Euro and perhaps due to the appreciation of other "risk currencies" including Aussie dollar and Canadian dollar. The recent U.S reports didn't seem to have much of an effect on the financial markets: U.S jobless claims declined 6k to 361k; U.S trade balance deficit (goods and services) declined to $42.9 billion in June 2012. This news may have contributed to the appreciation of the USD. On today's agenda: Great Britain PPI Input, Canada's Employment Report, U.S. Federal Budget Balance China's Trade Balance and China's New Loans. 

For the complete outlook of gold and silver for August 10^th

Gold edged up again on Thursday by 0.26% to $1,620.2; Silver rose by 0.08% to $28.10. During the month, gold edged up by 0.35%; silver, by 0.66%. 

On Today's Agenda

Canada's Employment Report: In the previous employment report for June 2012, unemployment edged down to 7.2%; the employment rose by 181k during the past twelve months. The upcoming report might affect the CAD;

U.S. Federal Budget Balance: this report indicates the government debt growth and thus may affect the USD. In the recent report regarding June the deficit rose by $59 billion to a deficit of $904 billion for the fiscal year of 2012; this is a decrease of 6.9% compared to 2011;

China's Trade Balance: according to the previous report, China's trade balance rose from a $18.7 billion surplus to a $31.7 billion surplus; if the surplus will further rise, it could indicate that China's economic growth is progressing and thus may positively affect prices of commodities;

For further reading:

Gold and Silver Monthly Outlook for August

What Moves the Price of Gold?