Gold and silver edged up on Wednesday after they had declined during the first two days of the week. The bullion market continues to seek direction as both metals nearly didn't change during the month. The U.S CPI remained unchanged during July while the core CPI edged up by 0.1%. On today's agenda: GB Retails Sales, U.S. Housing Starts and Building Permits, U.S. Jobless Claims, and Philly Fed Manufacturing Index.
On Wednesday, Gold edged up by 0.28% to $1,606.6; Silver also edged up by 0.18% to $27.9. During August, gold declined by 0.5%; silver, by 0.06%.
On Today's Agenda
Philly Fed Manufacturing Index: This monthly survey measures the manufacturing conditions. In the previous July survey, the growth rate rose from -16.6 in June to -12.9 in July. If the index will remain negative it may adversely affect not only U.S Dollar but also commodities prices (the recent Philly Fed review);
U.S. Housing Starts: this report was historically correlated with gold price – as housing starts increased, gold prices tended to fall the following day (even when controlling to the U.S dollar effect); in the previous report, the adjusted annual rate reached 760,000 in June, which was 6.9% above May's rate;
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