Gold and Silver Prices – Daily Outlook for December 31

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Gold and Silver Prices – Daily Outlook for December 31

Gold and silver edged down again during last week. Unless there will be a last minute development, the U.S economy will jump over the “fiscal cliff”. These budget talks aren’t likely to end in 2012 as U.S policymakers could still introduce new tax cuts in the months to follow to avoid the U.S economy from slowing down. Due to the holidays the trade volume is expected to decline during the week, which might result in a drop in price volatility. Will gold and silver continue to decline? As I have pointed out in the latest precious metals weekly outlook, several reports may affect precious metals this week. These items include: U.S non-farm payroll report, minutes of the FOMC meeting, U.S manufacturing PMI and jobless claims weekly update. On today’s agenda: China Manufacturing PMI.

Here is a short outlook for precious metals for Monday, December 31st:

Precious Metals – December Update

On Friday, the price of gold slipped by 0.47% to $1,654.9; Silver price also declined by 0.87% to $29.92. During last week, gold edged down by 0.27%; silver, by 0.76%. Conversely, during last week, the SPDR Gold Shares (GLD) edged up by 0.13% and reached by December 28th 160.54.

For the rest of the report you can see it at Seeking Alpha

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