Portal Industrial Cartagena Colombia - Forum - Contacts

Lior Cohen, Trading Nrg | Nov. 1, 2012, 7:03 AM

The prices of gold and silver rose again yesterday and thus completed a two day rally. Many other commodities also increased yesterday. The markets in NY open yesterday for the first time following Hurricane Sandy.  China's manufacturing PMI rose to 50.2, which means China's manufacturing sectors expanded during October. This is the first time China's PMI index passed the 50 point mark since July 2012. This news is likely to keep pulling up commodities prices. Conversely, Canada's GDP edged down by 0.1% during August. This news is likely to pull down the Canadian dollar against USD. On today's agenda: GB Manufacturing PMI, ADP estimate of U.S. non-farm payroll, U.S. Manufacturing PMI, FOMC member Lockhart's Speech, and U.S. Jobless Claims. 

On Wednesday, Gold rose again by 0.41% to $1,719; Silver also increased by 1.57% to $32.32. During the month, gold decreased by 3.09%; silver, by 6.54%.

On Today's Agenda

GB Manufacturing PMI: In the recent report regarding September, the index fell to 48.4%. This rate means the manufacturing sector is contracting at a faster pace; this index might affect GB Pound;

ADP estimate of U.S. non-farm payroll: ADP will publish its estimate for the upcoming U.S non-farm payroll change during October 2012 in anticipation for the upcoming no-farm report to be published by Wednesday;

U.S. Jobless Claims Weekly Report: in the previous report the jobless claims declined by 23k to 369,000; this upcoming weekly report may affect the U.S dollar and consequently the prices of commodities;

FOMC member Lockhart's Speech: the FOMC member will talk in Chattanooga Downtown Rotary Convention and Trade Center;

U.S. Manufacturing PMI: The report was supposed to be published yesterday but due to the Hurricane it will be published today. During September 2012 the index increased to 51.5%, which means the manufacturing is growing; this index may affect Forex, and commodities markets;

For further reading:

Gold and Silver Outlook for October 29 – November 2

Gold and Silver Prices Outlook for November