Gold and silver prices recorded a huge comeback during last week after they had slipped a week earlier. The EU debt crisis was the center of attention during last week as there were two EU summits and in the second one the EU countries reached and agreement. This agreement among EU leaders to deal with the debt crisis eased the concerns of many traders and helped push forex, commodities and stocks markets up. The news of the U.S. GDP grew by 2.5% during the third quarter of 2011 may have also helped push commodities prices up including gold and silver prices.
Here is a short review of the changes in gold and silver prices during the week of October 24th to October 28th 2011:
Precious Metals Prices Weekly Summary:
Gold price sharply rose by 5.74% during the week; furthermore, this week’s average gold price of $1,714 /t. oz was higher by 4.20% than the previous week’s average price of $1,645 /t. oz. Gold price finished the week at $1,747 /t. oz.
Silver price, much like gold price, sharply inclined during the week by 11.52%, and this week’s average price was 33.68/t oz or 7.67% above the previous week’s average $31.28/t oz.
During the week, the average daily percent change of gold price increased by 1.33%; silver price inclined by an average daily rate of 2.52%.
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 24th. It shows the weekly development of gold and silver prices.
In the chart above gold price consistently inclined throughout the week until the last day, while silver price rose during all the days of the week especially on Thursday.
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 price had two peaks: on Tuesday and Thursday, while gold price sharply has only one peak – on Tuesday.
For further reading:
- Gold & Silver Prices – Daily Outlook October 28
- EU Reached An Agreement on Debt Crisis – Will It Work?
- U.S GDP Q3 2011 Grew by 2.5%
Previous issues of weekly report: