Daily Market Report 3/7/13

GOLD

Gold prices slipped on Thursday after the European Central Bank (ECB) gave no clear hints of further monetary easing. Since the ECB had been expected to cut inflation and growth forecasts, many market analysts felt that during the recent meeting the ECB would lower interest rates. At 11am PDT today, Gold is up $1 per ounce, at $1,576 per ounce.

The Commerce Department reported today that the U.S. trade deficit widened by 16.5% in January to $44.4 billion, reversing much of the narrowing in the prior month. The January trade deficit was above the consensus forecast of Wall Street economists of a deficit of $42.4 billion.

SILVER

Silver has been trading in a narrow $28.71 to $29.09 per ounce price range. At 11am PDT today, Silver is trading at $28.80 per ounce, up $0.05 per ounce on light volume.