Gold declined $1.77 on Friday on the back of a rebound in the US dollar and sharply lower equity markets. Under a closer look it seemed that despite the increase in GDP there are doubts about the strength of economic recovery given that some areas continue to be under pressure. Consequently investors booked profits in gold and went for the greenback instead pushing the yellow metal price down to an intraday low of $1034.55/oz. Unlike gold which managed to recoup most of the early losses, silver was badly hit with the sell off finishing 41 cents down.
Gold & Silver
• A huge week for economic data sees Interest Rate decisions in the US, the UK and the Eurozone on Thursday. These will have an impact on the dollar, which in turn will influence commodity prices
• Non farm payroll figures are due for release on Friday