Precious metals spot values bounced around a bit today, but they mostly traded within a well-defined range. There were very few pieces of economic data for investors to discuss this week, but today did bring about a few reports from across the European Union. The market’s focus continues to be on the ongoing geopolitical happenings from around the world. but even they have not been enough to pull spot values up any higher than where they have been for the past two weeks or so. Tomorrow is not expected to bring about much of anything from an economic standpoint, so it is already looking like things will remain quiet.
Weekly Jobless Claims Rises By More Than Expected
With such little data for investors to focus on, the attention of the marketplace has shifted dramatically over the course of the last few days. Today, it was reported that weekly jobless claims had risen to levels above 210,000; up from jobless claims of 295,000 a week ago. After this news was made public during the early morning hours of Thursday, the US Dollar began taking on somewhat significant losses. As the day wore on, however, the Dollar regained its footing while precious metals conceded what little gains were made in the wake of the jobless claims report.
In other news from around the world, it was reported that the European Union’s second-quarter GDP remained unchanged from this year’s first quarter. On an annualized basis, the regions GDP improved by less than a percentage point. Though a lot of countries yielded poor GDP reports individually, France and Germany–two EU leaders–were among the poorest. Making things worse is the fact that EU consumer prices fell from June to July, and even though they were up on the year, worries with regard to price deflation are still lingering. It will be interesting to see how the ECB handles the continued stream of poor economic reports, because things are really not getting any better.