Gold & Silver Prices | Weekly Recap 31 Oct – 4 Nov

Gold and silver prices shifted from the high gains they had recorded on the last week of October as they have started the first week of November with no clear trend. The concerns revolving the future of Greece in the European Union shook the financial markets and may have also affected the precious metals market. The news of a 0.25 percent point reduction of the ECB rate on Thursday and the positive U.S employment report that was released on Friday may have helped gold and silver prices zigzag during the second half of the week. Gold price ended the week slightly above its starting point, while silver price ended moderately below its initial price level.     

 Here is a short review of the changes in gold and silver prices during the week of October 31st to November 4th 2011:

 Precious Metals Prices Weekly Summary:


table Current gold price and silver prices -  31 October - 4 November   2011

Gold price slightly inclined by 1.79% during the week; furthermore, this week’s average gold price of $1,737 /t. oz was higher by 1.36% than the previous week’s average price of $1,714 /t. oz. Gold price finished the week at $1,756 /t. oz.

Silver price, unlike gold price, moderately declined during the week by 0.79%, but this week’s average price was 33.92/t oz or 0.71% above the previous week’s average $33.68/t oz.

During the week, the average daily percent change of gold price increased by 0.11%; silver price declined by an average daily rate of 0.65%.

In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – October 31st. It presents the development of gold and silver prices during the week.


current gold price and silver prices chart  31 October - 4 November   2011

In the chart above, gold and silver prices started off the week with falls, but they soon picked up and inclined during the middle of the week.


current gold price and silver prices chart  31 October - 4 November   2011 percent change

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 presents the sharp changes of silver price compared with the changes in gold price: silver price sharply fell on Tuesday by nearly 5%, but the next day it rose by nearly 4%. Silver price ended the week with moderate falls.

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