Precious metals prices didn't do much again during last week as they have each shifted by less than half a percent on a weekly scale. There were several reports that were published during the week but none of them seem to have a major impact on precious metals. The Philly Fed Index rose from the previous month but was still negative, i.e. the manufacturing conditions haven't improved; U.S housing starts declined during July, this report tends to be negatively linked with bullion prices; The American core CPI edged up by 0.1% during July, while the U.S PPI excluding food and energy rose by 0.4%; Euro Area GDP contracted by 0.2% during Q2 2012; U.S retail sales rose by 0.8% during July, and finally U.S. jobless claims rose last week by 2k to 366k.
Here is a short recap of the changes in Bullion between August 13th and August 17th:
Gold edged down during last week by 0.21%; further, during said time the average rate reached $1,611.98 /t. oz which is 0.35% below the previous week's average rate of $1,617.6 /t. oz. Gold finished at $1,619.4 /t. oz.
Silver, unlike gold, edged up on a weekly scale by 0.09%; further, the average rate slipped by 0.15% to reach $28.00/t oz compared to the previous week's average $28.04/t oz.
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