Precious metals ended the week falling after they had changed directions during last week. It was reported today that Hedge funds raised their bets on commodities in anticipation of rising commodities prices due to expected growth of the U.S. economy. Greece has passed its austerity plan in its parliament. The markets seem confident Greece will now receive the next bailout package. Today, Bank of Japan will publish its rate decision and monetary policy.
Gold declined on Friday by 0.91% to $1,725.3; silver also decreased by a similar rate of 0.92% to $33.60.
The Euro/USD also changed direction and fell on Friday by 0.66% to 1.3197. Other currencies such as AUD also depreciated against the U.S. dollar. If the Euro and AUD will change direction and trade up today, it could indicate that metals will follow and also rally.