Gold & Silver Prices – Daily Outlook October 7

Gold and silver sharply inclined yesterday along with the rest of the markets. The ECB decided to keep interest rates unchanged. Currently, gold and silver are traded with moderate changes. Today, the U.S. Unemployment Rate & Non-farm Employment Report will be published and the Canada Employment Report.

 For the complete report of silver and gold prices forecast for October 7th see here in Trading NRG

 Gold sharply inclined on Thursday by 1.54% to $1,653.2; silver also sharply increased by 6.33% to $32.01. The ratio between gold and silver sharply tumbled on Thursday, October 6th to 51.65. During October, silver inclined by a larger rate than gold as the ratio decreased by 4.2%.

On Today’s Agenda:

U.S. Report Non-farm Employment Report: in the recent September report, the number of non-farm payroll employment remained unchanged during August; the last report didn’t show any improvement and may have helped gold and silver to increase during the first few days of September.

USD/ Gold & Silver– October

The EURO/USD increase on Thursday by 0.67% to reach 1.3437; the AUD also followed and appreciated against the USD by 0.90%. Today, the U.S. labour report might affect not only Forex traders, but also commodities traders especially if there will be unexpected news (good or bad). If major risky currencies will continue to appreciate against the USD, they may help push up gold and silver.

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