Gold & Silver Prices | Weekly Recap 14-18 November

Gold and silver prices started off the week, much like the previous week, with very moderate changes; as the week progressed, the speculation around the recent news from Fitch, the rating agency, that leading U.S. banks are exposed to European debt and may be negatively affected by it, may have been among the factors to stir up the commodities markets on Thursday resulting in gold and silver prices sharply falling on that day. The slower paced growth rate of the Philly Fed Index may have also affected traders to trade down commodities and stocks. On Friday, gold and silver prices made correction and moderately inclined. During the week both metals prices declined: gold price’s slow paced growth during November was nullified during this week.

Here is a short review of the changes in gold and silver prices during the week of November 14th to November 18th 2011:

 Precious Metals Prices Weekly Summary:


table Current gold price and silver prices -  14-18 November 2011

Gold price slightly declined again by 3.00% during the week; furthermore, this week’s average gold price of $1,756 /t. oz was 1.67% lower than the previous week’s average price of $1,785 /t. oz. Gold price finished the week at $1,725 /t. oz.

Silver price, even more than gold price, sharply declined during the week by 4.51%, and this week’s average price was 33.27/t oz or 3.91% above the previous week’s average $34.63/t oz.

During the week, the average daily percent change of gold price decreased by 0.71%; silver price also declined by an average daily rate of 1.24%.

In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – November 14th. It shows the day to day development of gold and silver prices during the week.


current gold price and silver prices chart  14-18 November 2011

In the chart above, gold and silver prices sharply fell mainly during the second part of the week after both metals didn’t do much during the first half of the week.


current gold price and silver prices chart  14-18  November 2011 percent change

The final chart presents the daily percent changes of silver and gold prices (or in other words the price changes around the trend). It shows the very sharp tumble both metals took on Thursday after the Philly Fed survey was published and the recent speculations of the level of exposure U.S. banks have to the European debt. These news items may have dragged down not only gold and silver prices, but also other commodities prices such as crude oil prices. On the last day of the week, both precious metals’ prices bounced back.

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