The precious metals keep on seeking a direction as gold prices didn’t change much during the week, after it completed a 1.5% rally at the previous week; silver price on the other hand fell by 5.5% during the week but its average price didn’t much compared with the previous week.
Here is a short review of the changes in gold and silver prices during the week of May 31st to June 3rd 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 very moderately inclined by 0.36% during the week; gold’s average price during the week was 1,538 USD /t. oz which is 0.87% above the previous week’s average price of 1,525 USD /t. oz.
Silver price on the other hand declined by 5.52% from beginning to end, but this week’s average price was 37.10$/t oz or 0.88% above the previous week’s average 36.77/$/t oz.
During the week, the average daily percent change of gold price rose by 0.08%; silver price declined on a daily scale by an average of 1.1%.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – May, 31st. It presents the trend of these precious metals prices.
The last graph presents the daily percent changes of silver and gold prices during last week (i.e. the changes around the trend). The chart shows that on Thursday, June 2nd silver price fell very sharply by nearly 4%.
For further reading (in this site):
Previous issues of weekly report:
- Gold and Silver keep on rising – weekly recap 23-27 May
- Gold and Silver ended the week rising – weekly recap 16-20 May
- Gold didn’t move | Silver kept on falling – weekly recap 9-13 May