Last week gold and silver resumed their downward trend and edged down during most of last week. Bernanke didn't hint of stimulus plan in his testimonies at the Hill; he also didn't offer any information about the future steps of the FOMC. According to the recent reports that came out last week the U.S housing starts rose during June, while existing home sales declined by 5.4%; Philly Fed index remained negative but slightly rose, while retail sales edged down. All these reports paint a mixed signal as to the economic progress of the U.S. If the upcoming U.S reports will paint a clearer picture of the developments in the U.S, then they may have a more substantial effect on the bullion market. For the complete Gold and Silver Weekly Outlook
Gold slipped during last week by 0.58%; further, during said time the average rate reached $1,583.02 /t. oz which is 0.17% above the previous week's average rate of $1,580.38 /t. oz.
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