Gold and silver changed direction and rose on Thursday after they had declined for three consecutive days. The U.S reports that came out yesterday and showed a mixed signal: the U.S rate of existing home sales declined by 5.4%; US jobless claims also changed direction and rose to 386k; the Philly Fed index slightly rose but was still negative. On today's agenda: Great Britain Net borrowing, and Canada's Core CPI.
Gold rose on Thursday by 0.61% to $1,580.4; Silver also increased by 0.45% to $27.2. During July, gold declined by 1.48% and silver by 1.43%.
On Today's Agenda
Canada's Core CPI: According to the Canadian CPI report for May 2012, the CPI rose by 1.2% during the past 12 month up to May – this is a slightly lower rate than in April. This report might affect the Canadian dollar, which is also strongly linked with bullion rates;
Great Britain Net borrowing: this report will show the monthly developments in the public sector net borrowing for June 2012; as of May 2012, the net borrowing reached to £15.6 billion;