FUNDAMENTALS
* Spot gold edged up 0.1 percent to $1,607.89 an ounce by 0036 GMT, on course for a weekly rise of half a percent.
* U.S. gold was little changed at $1,610.20.
* The dangers facing Europe's financial system have continued to worsen, Europe's recently created super-watchdog, the European System Risk Board (ESRB), said on Thursday, as it urged the euro zone to get its new rescue fund up and running.
* Spanish and Italian bond yields crept higher on Thursday, even as Italy's Senate passed a vote of confidence in the government of Prime Minister Mario Monti that put a final seal on an emergency austerity budget.
* The number of Americans filing new claims for jobless benefits hit a 3-1/2 year low last week and consumer sentiment scaled a six-month high in December, bolstering views the economy was gaining momentum, even though third-quarter growth was revised down.
* Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 1 percent from a day earlier to 1,254.57 tonnes, the lowest since early November.
MARKET NEWS
* U.S. stocks rose on Thursday, putting the S&P 500 on the cusp of finishing out the year higher as another decline in jobless claims pointed to further improvement in the labour market.
* The euro barely budged in holiday-thinned Asian trade on Friday, leaving it on track to end the year modestly lower against the dollar as the European debt crisis looks set to last for many more months.
On Today’s Agenda
Canadian GDP by Industry: In the last report regarding September, the real gross domestic product advanced by 0.2%. The monthly increase was stem in part from a gain in good and services. This report might affect the trade on the Canadian dollar currency (for the full previous report);
U.S Core Durable Goods: This monthly report will examine the changes in U.S. orders of durable goods in the manufacturing sector during November. During October 2011, manufactured durable goods decreased by $1.4 billion to $197.7 billion; Non-defense new orders for capital goods also dropped by $3.5 billion or 4.6% to $71.6 billion (for the full report);
U.S. New Home Sales: This report will present the development in the real estate market during November 2011 and change in the U.S new home sales; in the previous report (October 2011), the sales of new homes reached an annual rate of 307,000 – a 1.3% increase; if this upward trend will progress, it may further indicate a moderate increase in the U.S real estate market and may positively affect commodities prices.
Current Gold and Silver Prices December 23rd
The major precious metals are currently traded slightly up in the Asian markets:
Current gold price per ounce short term future (January 2012 delivery) is traded at $1,610.70 per t oz. a $0.1 or 0.01% increase as of 00:21*.
Current silver price per ounce short term future (January 2012 delivery) is at $29.200 per t oz – a $0.153 or 0.53% increase as of 00:21*.(* GMT)
Gold and Silver Prices Outlook:
Gold and silver prices moderately declined for the second straight day, and thus continued the downward trend they have had during December. The rally in other commodities prices mainly crude oil and natural gas prices, Forex markets (such as Euro and AUD) and American Stock indexes (including S&P500) didn’t coincide with yesterday’s falls of precious metals prices. If the upcoming American reports including the U.S. home sales and core durable goods will show further improvement, this may change the direction of the recent downward trend of gold and silver prices.For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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