Gold and silver resumed their downward trend on Monday as they have declined in the past five out of sic business days. The results in the French and Greek elections may have had a slight negative effect on the Euro, which in turn may have also adversely affected commodities prices. Despite the decline in gold prices, China's imports of gold from Hong Kong continue to surge in the first quarter of 2012. On today's agenda: Australian trade balance report, ECB President speaks and Australian annual budget release.

The full daily outlook on gold and silver for May 8^th

Gold slipped on Monday by 0. 37% to $1,639.1; silver also declined by 1.02% to $30.12. During the month gold decreased by 1.51% and silver by 2.88%.

Australian Trade Balance Deficit Rose Again in March 2012

According to the recent report regarding March 2012, the seasonally adjusted balance of goods and services expanded to a $1,587 million deficit in March 2012.

The export of non-monetary gold rose again by $75 million (6%); as gold exports continue to expand, this might suggest a rise in demand for non-monetary gold despite the recent decline in gold prices (see here last report);

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Weekly Outlook for May 7-11 2012

Gold and Silver Prices Weekly Outlook for May 7-11