The ongoing rally of gold & silver | weekly recap 29 August- 2 September

Gold and silver prices ended August with moderate gains, but by the end of last week they have risen very sharply. On Friday, the US labor employment report didn’t show any increase in employment; this news is probably one of the factors that drove the US stock markets down and pushed gold and silver prices up. This news along with the slight slowdown in the growth of US PMI manufacturing index may have rekindled the debate over the chances of another stimulus plan by the Federal Reserve. If QE3 will be implemented, it may add inflation pressures in the US and drive major commodities prices further up. Currently, however there is no evidence that the Fed will issue a QE3.     

Here is a short review of the changes in gold and silver prices during the week of August 29th to September 2nd 2011:   

 Precious Metals Prices weekly summary:


table Current gold prices and silver prices -  29 August- 2 September  2011

Gold price rose by 4.76% during the week; furthermore, last week’s average gold price of $1,831 /t. oz inclined  by 0.97% from the previous week’s average price of $1,814 /t. oz. Gold price finished the week at $1,876.9 /t. oz.

Silver price, much like gold price, also inclined by 6.08% from beginning to end, and this week’s average price was $41.69/t oz or 0.84% above the previous week’s average $41.34/t oz.

During the week, the average daily percent change of gold price increased by 0.88%; silver price also inclined by 1%.

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 29th. It shows the weekly trend of gold and silver prices.


current gold prices and silver prices chart 29 August- 2 September  2011

In the chart above gold and silver prices had an upward trend during most of the week; the sharpest gains were during the beginning and the end of the week.


current gold prices and silver prices chart 29 August- 2 September 2011 percent change

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 that gold and silver prices started the week with moderate falls; followed by sharp gains on Tuesday; gold and silver prices had a slight slip on Thursday; finally, on Friday gold and silver prices sharply inclined.


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