Precious metals started off the week in the same direction from the previous week – trading down. This direction changed coming Wednesday when both metals along with other commodities rates and "risk currencies" rose. The news of the contraction of GB's GDP during Q2 and ECB President Mario Draghi's statement to preserve the Euro helped rally these markets. The decline in number of new home sales sold and the pending home sales may have also contributed to the weakening of the USD. The jobless claims changed direction and declined to 353k. On Friday U.S GDP estimate for Q2 was released and showed the U.S economy expanded by only 1.5%, which wasn't much different than many had anticipated.
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