Gold & Silver Prices | Weekly Recap 3-7 October

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DG365FD46564GFH654FU898 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.