as part of our
The prices of gold and silver continued last week their downward
trend. Will this downward trend progress this week? The
U.S manufacturing PMI
edged up during October to reach 51.7%; jobless claims decreased by
9k to reach 363k. These reports may have contributed to downfall of
precious metals rates. Further, the U.S non-farm payroll may have
had a negative effect on precious metals prices and other
commodities prices on Friday. During the last week, the Euro/USD
declined by 0.83%; further, the Aussie dollar also depreciated
against the USD by 0.36%. This downward trend may have contributed
to the decline of bullion rates.
The main reports and events that may affect the bullion markets
are: U.S Presidential elections, Euro-group meeting, U.S trade
balance report, China's CPI, RBA rate statement, ECB rate decision,
and U.S. jobless claims.
The recent publication of the U.S non-farm payroll report, in
which 171,000 jobs were added during October and the rate of
unemployment edged up to 7.9%.
This news may have contributed to the sharp fall in the prices
of gold and silver on Friday. This positive report might also lower
the chances of the Fed intervening again in the financial
The video report herein has an outlook of gold and silver for
the main publications and events that may affect precious metals
during November 5th and November 9th. Some of these reports
Tuesday, U.S Presidential Elections: This news is likely to
crowd out other news items and so the financial markets might be
working light on that day;
Thursday, Euro-group Meeting: The Euro-group Meeting will be
held in Brussels and the EU ministers of finance will talk over the
recent political and monetary developments in Europe; in the last
meeting there was little headway and the market didn't react to the
news coming out of this meeting;
Thursday, ECB Press Conference and Euro Rate Decision: The last
time the ECB decided to reduce its cash rate was back in July when
President of ECB lowered the EU interest rate by 0.25pp to 0.75%.
Since many EU countries are still struggling, and since the FOMC
announced in September of QE3, ECB might decide to make another
rate reduction in the near future by another 0.25pp. If ECB will
cut the rate again, it may affect the Euro.
Thursday, American Trade Balance: according to the previous
American trade balance report regarding August the goods and
during the month to $44.2 billion.
For further reading:
Gold and Silver Prices Outlook for November
Weekly Outlook Financial Markets for November