Gold and silver traders enjoyed from sharp gains to gold and silver prices during most of last week. The G20 summit, the FOMC meeting, the ECB rate decision and the U.S. labour report are the main events for the upcoming week that could influence bullion traders. The yen is sharply falling against the USD as Japan intervened in the Forex market. Today, Euro Area Annual Inflation will be published, Canada’s GDP report, China Manufacturing PMI and BOA Cash Rate Statement.
Gold slipped on Friday by 0.03% to $1,747.2; silver on the other hand slightly inclined by 0.50% to $35.29.
The Euro/USD slightly slipped on Friday by 0.30% to reach 1.4147; other currencies also were traded slightly down against the USD. During last week, the sharp gains in the “risk currencies” coincided with the rally of gold and silver. If said currencies will continue to decline today, this shift may also pull down gold and silver.
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Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.