Gold and silver prices continued their rally as they have inclined every single day of last week. Such a steady increase wasn’t recorded in precious metals prices for a long time. The sharp falls in the stock markets helped the bullion market to rise along with the speculations around the expected recession in the US and Europe. There are some unreliable rumors that the Federal Reserve may consider launching a new quantitative easing plan (QE3), but there are no signs of this maneuver taking place. These rumors might have also contributed to the falls of the stock markets and the rally of gold and silver prices over the week.
Here is a short review of the changes in gold and silver prices during the week of August 15th to August 19th 2011:
Precious Metals Prices weekly summary:
Gold price increased by 5.36% during the week; furthermore, last week’s average gold price reached a record high of $1,802 /t. oz which was 3.16% above the previous week’s average price of $1,746 /t. oz. Gold price finished the week at $1,852.2 /t. oz.
Silver price also inclined by 7.96% from beginning to end, and this week’s average price was $40.55/t oz or 4.31% above the previous week’s average $38.87/t oz.
During the week, the average daily percent change of gold price rose by 1.23%; silver price also inclined by 1.67%.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – August 15th. It shows the weekly trend of gold and silver prices.
In the chart above gold and silver prices had a steady upward trend throughout the week.
The last chart is of the daily percent changes of silver and gold prices during last week (or in other words the price changes around the trend). It shows gold and silver prices had a steady nearly unchanged percent change throughout the week with gold price percent daily changes ranging between 0.5% and 1.5%; silver price also inclined during the week on a similar rage except on Friday when silver price sharply inclined by over 4%.
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For further reading:
- Gold & Silver Prices – Daily Outlook August 19
- Does the market volatility linked to the recent gold rally?
Previous issues of weekly report: