Gold and silver prices eased down and even slightly inclined on the closing week of September after they had endured one of their worst weeks (in regards to their performance) a week earlier. On the closing week of September the bullion market didn’t make any substantial comeback, as gold and silver just held to their low prices. The effect of the CME margin hike and the FOMC purchase plan from two weeks back still seems to resonate in the precious metals’ market.
The recent talks among European policymakers to expand the bailout plan may have helped the recovery of the US and European stock markets during most of the week, and appreciating the Euro against the USD until the last day of the week. These events, however seem to have had little effect on the bullion market during the week.
Here is a short review of the changes in gold and silver prices during the week of September 26th to September 30th 2011:
Precious Metals Prices weekly summary:
Gold price slightly inclined by 1.72% during the week; this week’s average gold price of $1,621 /t. oz sharply declined by 7.66% from the previous week’s average price of $1,755 /t. oz. Gold price finished the week at $1,622.3 /t. oz.
Silver price, much like gold price, also moderately increased by 0.36% from beginning to end, and this week’s average price was 30.45/t oz or 18.22% below the previous week’s average $37.46/t oz.
During the week, the average daily percent change of gold price decreased by 0.19%; silver price inclined by a very moderate daily rate of 0.04%.
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 26th. It presents the weekly trend of gold and silver prices.
In the chart above gold and silver prices started the week sharply rising, but soon after they declined; in the last couple of days of the week they moderately fluctuated.
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 gold and silver prices had sharp fluctuations during the first few days of the week, but during the second part of the week their volatility sharply declined.
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For further reading:
- Gold & Silver Prices – Daily Outlook September 30
- Gold vs. U.S. Treasuries – Which is the True Safe Haven?
- Gold and silver prices outlook for September 2011
- Forex Market | Weekly Recap 26-30 September
Previous issues of weekly report: