GOLD
Gold continued to ease after the markets passed this week’s central bank meetings. With global inflation under control and major central banks standing pat there was no support for the yellow metal. Gold fell for a fifth session today, heading for its biggest weekly loss in a month as strong U.S. data raised fears of an early end to the Federal Reserve’s stimulus measures. U.S. factory activity jumped to a two-year high in July and first-time applications for jobless benefits hit a 5-1/2-year low last week, supporting views that the Fed could start tapering its $85 billion monthly stimulus later this year.
SILVER
Silver rose 146 points today to trade at 19.770 as traders took advantage of the low price and lower dollar to grab up the shiny metal. Silver diverged from gold which fell over $10 to trade near $1300. Metals capped the biggest two-day rally since early May after the Federal Reserve maintained bond purchases and manufacturing unexpectedly expanded in China, the world’s largest user of the metal. U.S. data have taken on heightened significance as investors prepare for any indication that the Federal Reserve will start winding down its $85-billion-a-month bond buying program.
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