Gold and silver continued to rally and moderately inclined yesterday. The news from Greece and Italy continues to pour in but doesn’t seem to have much of an effect on the commodities and Forex markets (for the time being). Today, Australia employment report will be published, and Chairman of the Federal Ben Bernanke Speaks.
Gold moderately rose on Tuesday by 0.45% to $1,799.2 – the highest price level since September 21st; silver also inclined by 0.93% to $35.15. During November, gold increased by 4.3% and silver rose by 2.3%.
Europe’s Debt Crisis Update November 9th
Following the key confidence vote that was held yesterday in Italy, Berlusconi offered to resign from office. This announced was made in light of nation wide uprising against Berlusconi’s government. Yesterday, the Italian government bonds yields grew to 6.59 – a weekly increase of 0.57 per cent points. From the beginning of the month the Italian government bonds yields inclined by 1.07 per cent points. The recent turn of events in Italy may pressure the Euro to depreciate against the USD and thus could also affect precious metals to fall.
Currencies / Gold & Silver– November
The Euro/USD slightly rose on Tuesday by 0.42% to reach 1.384. The incoming news from Europe regarding Greece and Italy may continue affecting the Euro and consequently may affect commodities.
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Lior Cohen, M.A. commodities analyst and blogger at Trading NRG