Gold and silver sharply fell yesterday and thus gold price completed four days of falls. Currently gold and silver are traded up. Today, there will be an ECB Press Conference in which Trichet will speak; the German Business Climate Survey will be published, and the Canadian Core CPI.
Gold sharply declined on Thursday by 2.07% to $1,612.9; silver also sharply fell by 3.18% to $30.28. During October, gold declined by 0.6%, and silver by 0.7%.
Philly Fed Showed Improvement in October
The Philly Fed Manufacturing Index inclined from -17.5 in September to +8.7 in October. The new orders index also gained 19 points and returned to positive territory.
This news may have pushed gold and silver down as the signs of recovery eased some of the uncertainty in the financial markets regarding the progress of the U.S. economy.
USD / Gold & Silver– October
The AUD/USD slightly inclined on Thursday by 0.49% to reach 1.0155; other currencies also were traded up against the USD including CAD, CHF and Euro. If the “risk currencies” (AUD, Euro and CAD) will rise today, they might curb the recent falls in gold and silver.
For further reading: Gold and Silver Prices Monthly Outlook for October 2011
Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.
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