Gold and silver prices finished June with moderate falls during last week; nonetheless, there were sharp changes in direction especially for silver price during the last week of June. The concerns over the Greek debt crisis has subsided once the Greek parliament passed the budget cuts resulting in the Euros to US dollar rising and consequently curbing down gold and silver prices.
Here is a short review of the changes in gold and silver prices during the week of June 27th to July 1st 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
Gold price decreased by 0.92% during the week; furthermore, gold’s average price as of last week was $1,498 /t. oz which was 2.22% below the previous week’s average price of $1,532 /t. oz.
Silver price on the other hand inclined by 0.32% from beginning to end, but this week’s average price was $34.11/t oz or 4.65% below the previous week’s average $35.77/t oz.
During the week, the average daily percent change of gold price fell by 0.24%; silver price declined on a daily scale by an average of 0.52%.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – June 27th. It shows the trend of these precious metals prices.
The chart shows gold and silver prices rose very sharply during the first half of the week, but afterwards changed direction and fell sharply by the end of the week to start July with declines.
The last chart is of the daily percent changes of silver and gold prices during last week (i.e. the changes around the trend). The chart shows that silver price shifted direction several times during the week as it started with falls, then rises and ended with falls again. Gold prices, on the other hand, didn’t fluctuate as much and moderately inclined by the middle of the week only to end the week with a decrease.
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