Gold and silver prices changed directions several times throughout the week with no clear path. The sharp appreciation of the US dollar against major currencies including the Euro throughout most of the week may have pushed gold and silver prices to trade down, while the decline of the US stock markets may have affected gold and silver prices to remain high. The ECB rate decision and the revised down Euro Area economic outlook of the ECB didn’t help much in easing the concerns of traders and only further weakened the Euro. By the end of the week gold and silver prices didn’t change much form their initial price level at the beginning of the week.
Here is a short review of the changes in gold and silver prices during the week of September 6th to September 9th 2011:
Precious Metals Prices weekly summary:
Gold price slightly fell by 0.74% during the week; on the other hand, this week’s average gold price of $1,851 /t. oz inclined by 1.10% from the previous week’s average price of $1,831 /t. oz. Gold price finished the week at $1,859.5 /t. oz.
Silver price, much like gold price, also declined by 0.58% from beginning to end, but this week’s average price was $41.91/t oz or 0.54% above the previous week’s average $41.69/t oz.
During the week, the average daily percent change of gold price increased by -0.22%; silver price also declined by 0.83%.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – September 6th. It shows the weekly trend of gold and silver prices.
In the chart above gold price started off the week with a very sharp fall; afterwards it had a slow ascent back to its initial price level from the beginning of the week. Silver price on the other hand, sharply rose on Thursday only to fall back the following day. Silver price also finished the week very close to its price level from the beginning of the week.
The last chart is of the daily percent changes of silver and gold prices during last week (or in other words the price changes around the trend). It shows that gold and silver prices changed direction throughout the week with no clear direction, as oppose to certain previous weeks, in which gold and silver prices had a clear upward trend. The sharpest fall for gold price came on Wednesday as it lost nearly 3% of its value, while silver price’s sharpest fall during the week came a day earlier at a similar rate. The sharpest gains for both gold and silver prices came on Thursday.
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Previous issues of weekly report: