During last week gold and silver didn't do much as gold slipped while silver edged up. There were several reports that were published but none of them seem to have had a substantial impact on precious metals: the Philly Fed Index rose but was still negative, i.e. the manufacturing conditions haven't improved. U.S housing starts fell during July. The American core CPI rose by 0.1% during July; the U.S PPI excluding food and energy, by 0.4%; Euro Area GDP contracted by 0.2% during Q2 2012; U.S retail sales increased by 0.8%, and finally U.S. jobless claims rose by 2k to 366k.
Here is a short forecast for August 20th to 24th; this includes a fundamental analysis of the main publications that may affect precious metals such as: U.S core durable goods, minutes of FOMC meeting, Euro Zone and China's flash manufacturing PMI.
The price of gold slipped during last week by 0.21%; further, during said time the average rate reached $1,611.98 /t. Gold finished at $1,619.4 /t. oz. Silver, on the other hand, edged up on a weekly scale by 0.09%, while its average rate slipped by 0.15% to $28.00/t oz. Furthermore, during last week the SPDR Gold Shares (GLD) also edged down by 0.3% and settled by August 17th at 156.72.
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