The precious metals market continued to show weakness all through last week as both gold and silver sharply fell. During the month so far gold has shed 4.82% off its value and silver tumbled down by 6.85%. At the current progress this could be the worst performing month for bullion this year so far and worst since December 2011. The result of the elections in France and Greece raised the concerns that the austerity plans in these countries won't be carried through by the new elected officials. This news weakened the Euro and as a result precious metals also suffer from the strengthening of the USD. The industrial production output of China and India may have also adversely affected commodities rates. Several U.S reports came out during the week but didn't seem to have much of an effect on the markets: The U.S PPI declined by 0.2% in April; U.S initial jobless claims remained virtually unchanged at 367k according to its latest update.
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