Current gold prices & silver price week recap – 23-27 May 2011

The precious metals continued their rally during last week as silver and gold prices inclined for the second straight week; as a result, gold prices reached by the weekend within 1.2% from its price level at the beginning of May.

There are still concerns over the major economies slow recovery mainly the U.S. as major economic indicators such as home sales, GDP and employment don’t present a big improvement in recent months. This is probably among the reasons for the comeback of gold and silver prices during the last couple of weeks (see here for more on this subject).

Here is a short review of the changes in gold and silver prices during the week of May 23^rd to 27^th 2011:

Precious Metals Prices weekly summary:

*This figure is calculated based on the percent change from the price at the beginning of the week compare to end of the week

During last week, gold price increased by 1.45% during the week; this week’s average price of 1,525 USD /t. oz was 2.14% above the previous week’s average price of 1, 493 USD /t. oz.

Silver price also inclined by 8.48% from beginning to end, and this week’s average price was 36.77$/t oz or 6.44% above the previous week’s average 34.55/$/t oz.

During the week, the average daily percent change of gold price rose by 0.37%; silver price inclined on a daily scale by an average of 1.55%.

In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – May, 23^rd. It presents the trend of these precious metals prices.

The graph shows how silver price rose very sharply during week compared to gold price.

In the last chart are the daily percent changes of silver and gold prices during last week (i.e. the changes around the trend). The chart shows the rapid fluctuations in silver price’s percent changes during the week.

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