Precious metals prices shifted with an unclear trend throughout the week with an unclear trend despite the appreciation of the Euro and several "risk currencies" during last week. On the other hand the Aussie dollar declined against the UDS mainly due to RBA's decision to lower the cash rate by 25pp. This development may have contributed to the unclear trend of precious metals. There were several reports that were published during the previous week: the U.S manufacturing PMI rose to 51.5; 114k jobs were added in September according to the recent non-farm payroll report; U.S jobless claims rose by 4k to 367k. . Bernanke gave a speech last weeks, and in it he assured that the Fed will keep the rates low even if the economy were to recover. The minutes of the FOMC meeting from September revealed a similar message.

The complete gold and silver weekly recap analysis

For further reading:

Gold and Silver Outlook for October