Gold and silver prices changed directions throughout the week with no clear trend, resulting in gold price and silver price ending the week slightly below their starting point. On the other hand, gold and silver average weekly prices were higher than in the previous week. The news from Europe in regards to the political changes in Italy and Greece may have been among the factors affecting the forex market and consequently influencing the bullion prices.
Here is a short review of the changes in gold and silver prices during the week of November 7th to November 11th 2011:
Precious Metals Prices Weekly Summary:
Gold price slightly slipped by 0.17% during the week; on the other hand, this week’s average gold price of $1,785 /t. oz was higher by 2.78% than the previous week’s average price of $1,737 /t. oz. Gold price finished the week at $1,788 /t. oz.
Silver price, much like gold price, moderately declined during the week by 0.42%, but this week’s average price was 34.63/t oz or 2.08% above the previous week’s average $33.92/t oz.
During the week, the average daily percent change of gold price increased by 0.37%; silver price also inclined by an average daily rate of 0.36%.
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 7th. It presents the development of gold and silver prices during the week.
In the chart above, gold and silver prices rose at the beginning of the week, then they started to fall and by the end of the week these metals’ prices bounced back.
The last chart is of the daily percent changes of silver and gold prices (or in other words the price changes around the trend). It shows the similar changes for gold and silver prices throughout the week. Both gold and silver prices declined from rises to falls during the week and by Friday they both sharply inclined.
For further reading:
- Gold & Silver Prices – Daily Outlook November 11
- Gold and Silver Prices Monthly Outlook for November 2011
Previous issues of weekly report: