During this short week silver price managed to break a new record high as it passed by the end of the week the 46$ mark. Gold price also reached a new high as it passed the 1,500$ mark.
There are different reasons, among others, for this surge in precious metals prices that might be related to the inflations concerns, the correlations these precious metals have with major currencies such as Hong Kong dollar, and the recent S&P downgrade of the US credit rating outlook. It seems that in the short and mid term, all things being equal, these precious metals will continue to show strength against the US dollar and might continue on their course and rise. A shift in their direction might occur once there will be some good news about the US economy’s recovery.
Let’s see what these two precious and very desirable metals did last week between 18th and 21st of April:
Precious Metals Prices weekly summary:
The following table summarizes the main descriptive data of silver and gold prices:
*This figure is calculated based on the percent change from the price at the beginning of the week compare to end of the week
Gold prices increased by 0.73% from beginning to end of the week; this week’s average price of 1,497 USD /t. oz was 2.08% above the previous week’s average price of 1, 467 USD /t. oz.
Silver price continued to outperform gold price and increased by 7.27% from beginning to end, and this week’s average price was 44.35$/t oz 8.10% above compared to previous week’s 41.03/$/t oz.
During last week, the average daily percent change of gold price rose by 0.30%; silver price inclined by 2.00%.
During April gold price rose by 5.2%, and silver price increased by 22.1%, which is higher than the rate silver and gold prices inclined during the entire month of March, 10.1% and 0.6%, respectively.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – April, 18th. It shows the trend of these precious metals prices.
The graph shows that silver price is outperforming gold price during the week.
In the last chart are the daily percent changes of silver and gold prices during last week (the changes around the trend). It shows that gold price didn’t fluctuate much compared to the rising percent change in silver price.
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For further reading (in this site):
Previous issues of weekly report:
- Gold & Silver’s new record highs | weekly recap – 11-15 April
- Gold & Silver Prices continue their rally | weekly recap – 4-8 April
- Gold & Silver Prices weekly recap – 28 Mar-1 Apr