Gold and silver both started the day on the up side of stagnant as the only movement recorded was minimal yet positive. As both the Bank of England and the European Central Bank had meetings today the world will fixate their attention on those two regions. While there is some light economic news to be reported out of the US, much more weight will be placed on tomorrow’s employment report which, as of now, is expected to show positive increases in non-farm jobs.
ECB, BOE Meetings
Today’s meetings for both the Bank of England and European Central Bank were policy meetings, though no major changes have been made. Both institutions announced that interest rates would remain the same, though this was to be expected.
As no real announcements were made, the marketplace did not do much moving in the wake of either meeting. The ECB’s press conference is also set to happen this morning, and this is where investors will be paying the closest attention. Though nothing major was changed during the ECB’s meeting, one would be inclined to think that some sort of discussion had to have taken place about the current state of the European economy.
US Economic Reports
There is some light economic news set to be announced on Thursday, but it is not expected to have much, if any, impact on trading today. What people will really be fixating their attention on is the employment report that will be announced tomorrow. It is expected that non-farm jobs in the US rose by nearly 200,000 this past May while the unemployment rate remained about the same at 7.5%.
Economic reports that are set to be released on Thursday include the weekly jobless claims as well as well as the Challenger job cut report. If you remember, last week’s jobless claims came in higher than expected, part of the reason why tomorrow’s employment report is crucial to so many.
Any news that contradicts the above could mean for a tumultuous day to close out the week tomorrow.
The US Dollar started the day on Thursday trading down, though it is doing better than the 4-week low it hit during the overnight hours. Up to this point this week has not been so beneficial for the US Dollar which is making it easier than it has been lately for gold and silver to make positive gains.
Price Movement
Gold has made some minimal moves forward this week, finally moving over the $1,400 mark. The yellow metal started the week at around $1,391 and by about 11 AM on Thursday it was sitting at about $1,407.
Silver started the week opening at $22.33 and by the same time on Thursday was sitting at $22.62. Though neither metal has made too drastic of a move forward, any positive gains are welcomed with open arms.