Gold and silver prices continued to sharply fluctuate during the week with no
clear direction even though silver price ended the week slightly above it price
level on Monday, October 3rd, while gold price finished slightly below. The main
events that may have affected traders in the bullion markets and in turn
contributed to the high volatility in the gold and silver markets include: the
publication of U.S. PMI manufacturing report on Monday; the ongoing speculation
around the European debt – this time there were some encouraging news that may
have driven the financial markets up; the recent testimony of Ben Bernanke
rekindled the rumors of additional future steps to be taken by the Fed; the ECB
keeping the European Area interest rate unchanged at 1.5%; and the recent U.S.
labor report, which was published on Friday, showed in increase in employment by
103k during September. These events may have shifted the direction of gold and
silver prices throughout the week.
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