Gold and silver changed direction again and rallied yesterday from the sharp falls they experienced on Monday; other commodities such as oil prices also rose yesterday. Today, the U.S. Core Durable Goods report will be published, and the Euro Area Manufacturing PMI report.
Gold bounced back and rose on Tuesday by 1.42% to $1,702.40; silver also sharply rose by 5.91% (- the sharpest single day gain since October 6th) to $33.03. Despite yesterdays’ sharp gains, gold declined by 1.3% during the month and silver by 3.9%.
On Today’s Agenda
Euro Area Manufacturing PMI: In the last report regarding October 2011, the Euro Zone Manufacturing PMI fell to 47.2. This report will provide an indicator to the economic growth of the Euro zone economy and could influence the Euro and consequently gold and silver;
U.S Core Durable Goods Report: This monthly report will show the changes in U.S. orders of durable goods during October. During September 2011, manufactured durable goods decreased by $1.5 billion to $200.3 billion; Non-defence new orders for capital goods also fell by $1.8 billion or 2.3% (for the full report);
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