Gold and silver prices continue to seek direction and zigzagged throughout most of the week; eventually gold and silver prices slightly inclined on a weekly scales. The U.S. retails sales report that showed a rise in September may have helped the US stock markets rally along with major commodities prices’. The minutes of the last FOMC meeting was published last week and showed the FOMC members’ grim outlook of the US economy, but also the possibility of an additional stimulus plan in the near future. This news may have also affected precious metals’ traders during last week. The ongoing speculation around the European debt crisis continues to pull the markets in different directions and also may have influenced gold and silver traders throughout the week.
Here is a short review of the changes in gold and silver prices during the week of October 10th to October 14th 2011:
Precious Metals Prices Weekly Summary:
Gold price slightly inclined by 0.73% during the week; furthermore, this week’s average gold price of $1,673 /t. oz was higher by 2.14% than the previous week’s average price of $1,638 /t. oz. Gold price finished the week at $1,683 /t. oz.
Silver price, much like gold price, moderately increased during the week by 0.60%, and this week’s average price was 32.12/t oz or 4.47% above the previous week’s average $30.75/t oz.
During the week, the average daily percent change of gold price increased by 0.58%; silver price inclined by an average daily rate of 0.78%.
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 10th. It presents the weekly development of gold and silver prices.
In the chart above gold and silver prices sharply inclined on Wednesday, then sharply fell the next day only to close the week rising. The chart shows the high volatility of the precious metals’ prices and the lack of direction they have exhibited throughout the week.
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 that silver and gold prices had two large daily gains: on Monday, Wednesday and Friday. They have also had a sharp price drop on Thursday.
For further reading:
- Gold & Silver Prices – Daily Outlook October 14
- Gold and Silver Prices Monthly Outlook for October 2011
Previous issues of weekly report: