Last week gold and silver didn't do much at the first few days of the week but after the Fourth of July Vacation precious metals tumbled down. This decline was mostly likely due to the ECB rate reduction from 1% to 0.75%. This news adversely affected not only the Euro but also other markets such as oil gold and silver. The other news item was published on Friday: the U.S non-farm payroll report showed only 80k added jobs. This news also pulled down bullion along with other commodities. This upcoming week the main events that may affect bullion will revolve around U.S trade balance, the minutes of FOMC meeting, China's GDP for Q2, Euro Council Meeting, and U.S PPI.
Gold decreased during last week by 1.58%; Silver, even more than gold, declined on a weekly scale by 2.51%. Furthermore, during last week the SPDR Gold Shares (GLD) also fell by 0.95% and reached by July 6th 153.71.
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