Gold And Silver Finish Up On The Week
- Feb Gold rallied Friday and finished with a 7.70 gainer at 1216.20 oz.
- Mar Silver rose 4 cents to 16.41 oz
US economic data next week is not expected to shed any new light on the state of the economy, as a result Gold prices should at hold on to their gains, according to some analysts.
Analysts said that continued focus on the European Central Bank’s monetary policy, concerns about the impending Greek elections and geopolitical fears should continue to support the precious Yellow metal in the near-term.
Feb COMEX Gold futures settled Friday at 1216.20 an ounce, + 32.10 or 2.7% from the 2 January opening price of 1,184 oz.
Mar COMEX Silver futures settled the week at 16.419, up 68.9 cents or more than 4% since last Friday.
Friday US Labor Department said that 252,000 jobs were created last month, slightly higher than consensus estimates of around 245,000 jobs. Although the headline employment number was positive, analysts and economists have noted that wage growth was down, rising only 1.7% on the year.
The fact that Gold was able to close above the Key psych mark at of 1,200 is a positive sign.
Looking at data in the US
The week starts out relatively slow but picks up Wednesday with the release of December retail sales and the Federal Reserve Beige Book. Thursday, the New York Federal Reserve and the Federal Reserve of Philadelphia release their regional manufacturing numbers for January. The week ends with the release of consumer price inflation data.
The Consumer Price Index will be reminder that inflation will be as tame as everybody assumes it will be.
The Big Q: How low can inflation go, particularly given that the Crude Oil price slump does not appear to be over yet?
Have a terrific weekend.
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