Gold price fell very sharply yesterday and nearly retuned to its initial level
from the beginning of September. This fall is consistent with yesterdays rise in
US stock markets and the sharp gains in US Treasury bills yields. Currently,
gold and silver prices are traded up. Today, the ECB rate decision will be
announced , the US unemployment claims report will be published, along with the
Canadian and American trade balance reports. Lets examine the precious metals
market for today, September 8th: Gold and silver prices –September Gold and
silver prices finished yesterday with falls: Gold price sharply fell on
Wednesday by 2.97% to $1,817; silver price also declined by 0.57% to $41.63.
During September, gold price slightly fell by 0.8% and silver price by only
0.3%. The chart below (normalized gold and silver prices (August 16th 2011=100))
shows the price development of precious metals in recent weeks. The ratio
between gold and silver prices continues to hover around 43-45; on Wednesday,
September 7th the ratio slightly fell to 43.66. During September, silver price
has slightly outperformed gold price as the ratio declined by 0.4%. Canada
overnight rate remained at 1%
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