A softer US dollar helped push higher the price of gold, but all eyes will be on the two major economic releases - today's consumer confidence and Fridays non-farm payroll figures. The price continues to trade in and around the $1,100 level, but this week may well provide prove to be a watershed for future direction.
Gold & Silver
- The Greek government announced the sale of a 5 billion EUR seven year bond with a 5.9% coupon, a yield twice that of what Germany pays
- German inflation data came in surprisingly strong, alerting economists to the notion of spiralling inflationary concerns
- Economic confidence within the Eurozone is at 22 month highs
- Consumer spending in the US rose for a fifth straight month, which will further the cause of those who see rates rising in the US sooner rather than later
Major Economic News
US CONSUMER CONFIDENCE