Gold and silver are trading near even to slightly lower during the first half of the last day of March. Unlike last week, this one is expected to yield a significant amount of market-relevant economic data from both the United States and Europe. After hearing members of the Fed speak positively about the current strength of the US economy all of last week, it will be interesting to see if this week’s data echoes what was said.

The market is continuing to keep an eye on the situation in Ukraine as Russian troops maintain their posts along the Russian/Ukrainian border. Tensions across the region he calmed down over the last few weeks but are far from eliminated as there have been no official resolutions between Russia, Ukraine, nor any other nation.

Economic Data Looms This Week

Throughout last week, investors saw the spot values of gold and silver decline at a steady rate mostly due to a lack of new economic or geopolitical happenings to talk about as well as the recently bleak long-term outlook on the spot values of gold and silver.

Little more than a week ago, Fed chairperson Janet Yellen was recorded as saying that interest rates in the United States might be on the rise as early as next spring. This caught a lot of investors off guard due to the simple fact that most of the market had not even entertained the thought of rising interest rates next spring. This news put a lot of selling pressure on gold and silver because rising interest rates make the opportunity costs associated with holding metals in lieu of other, potentially more profitable, investments a lot higher than those same costs are during periods of low interest rates. Though it is not a definite that interest rates will be risen within a year’s time, most investors are not taking any chances.

This week’s non-farm payrolls data is due out on Thursday and will catch the full attention of the market. The ECB is scheduled to have their monthly policy meeting on Thursday, after which the bank’s president, Mario Draghi, will address media questions. With year on year inflation rising by significantly less than the target amount, rumors with regard to the possible implementation of new monetary stimulus measures have been circulating around the marketplace.