Gold and silver prices started the last week of the year with moderate falls. Will this slow crawl down of precious metals prices continue this week? Currently, gold and silver are traded moderately down. Today, the KOF Economic Barometer report will be published.
Here is a market outlook of precious metals prices for today, December 28th:
Gold and Silver Prices –December Update
Gold price slightly declined on Monday by 0.65% to $1,595.5; silver price on the other hand slightly declined by 1.18% to $28.74. The chart below shows the development of gold and silver prices during December (normalized gold and silver prices to November 30th 2011). During December gold price declined by 8.8% and silver price by 12.4%.
The ratio between gold and silver prices slightly rose on Monday, December 27th and reached 55.51. During the month the ratio gained 4.0% as gold price has outperformed silver price.
U.S. Consumer Confidence Rose in December
According to the recent U.S. survey, the consumer confidence index inclined from 55.2 (1985=100) in November to 64.5 December. American consumers’ short term outlook in U.S. business conditions has also improved according to the report. This mews may have been among the factors to pull up energy prices and push down precious metals prices during yesterday’s trading as explained in the related post.
On Today’s Agenda
KOF Economic Barometer: this report offers a forecast of the Swiss economy in the months to come. In the recent press release, the report predicted that the Swiss Economy is headed towards stagnation in 2012;
Forex Trading / Gold & Silver Prices – December Update
The Euro to U.S Dollar slightly rose on Monday by 0.21% to reach 1.3072. Furthermore, other forex exchange rates such as the Australian dollar also moderately appreciated against the U.S dollar. If major currencies will change direction depreciate against the U.S. dollar, it may also affect gold and silver prices to further fall.
Current Gold and Silver Prices December 28th
The major precious metals are currently slightly declining in the European markets:
Current gold price per ounce short term future (January 2012 delivery) is traded at $1,588.70 per t oz. a $6.8 or 0.43% decrease as of 08:27*.
