Source: ForexYard
Both gold and silver showed sharp falls during yesterday’s trading largely due to the outcome of the FOMC Meeting Minutes. The two metal’s prices should also be affected by the results of the Non-farm payrolls coming out tomorrow after the ADP non-farm rose by 209,000 for March.
A number of reports were released today including the Swiss National Bank Foreign Exchange Reserves, GB Bank Rate and the U.S Department of Labor Jobless Claims Weekly Update.A number of important news events are still due to come out today including the Canadian Ivey PMI.
So far in the month of April we have seen the two metals take a hit , largely due to a rising U.S Dollar.
Gold showed sharp falls of 3.46 percent to reach the low rate of $1,614 whilst silver nose-dived 6.68 percent to just over the $31.00 mark.
Another event influencing the price of the yellow metal remains to be the Strikes in India over Jewellery Tax, which moved into their 19th day on Wednesday. India is the world’s second largest consumer of Gold , so the metal will react to such news out of the gold-loving nation.
Friday’s highly anticipated Non-Farm Payrolls could possibly have an effect on the commodities markets if we happen to see unexpected figures.
Forex Market Analysis provided by ForexYard.
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