The precious metals bounced back during last week after they had fallen at the beginning of May 2011.

 

The change in direction was probably stemmed, in part, by the adverse news about the slow recovery of the US economy, and the debt crisis in the Europe including Portugal.

 

By the end of the week gold prices passed the 1,500$ mark and silver prices reached the 35$ mark.

 

Here is a short review of the changes in gold and silver prices during the week of May 16^th to 20^th 2011:

 

Precious Metals Prices weekly summary:

The following table summarizes the main changes in gold and silver prices during last week:

 

*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 1.23% during the week; nonetheless, this week’s average price of 1,493 USD /t. oz was 0.72% below the previous week’s average price of 1, 504 USD /t. oz.

Silver prices also inclined by 2.8% from beginning to end, but this week’s average price was 34.55$/t oz or 4.53% below the previous week’s average 36.19/$/t oz.

These findings show that gold and silver prices started off low and worked their way up throughout the week.

During the week, the average daily percent change of gold price rose by   0.21%; silver price inclined on a daily scale by only an average of 0.07%.

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, 16^th. It presents the trend of these precious metals prices.

 

The graph shows how silver and prices started off the week falling and afterwards changed direction and started to pick up throughout the rest of the week.

 

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 that gold and silver prices had a peak at the middle of the week as they rose very sharply; besides that peak gold and silver prices didn’t change much during the week and fluctuated very moderately.

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For further reading (in this site):

• Gold & Silver Prices Outlook – 20 May
• Gold and silver prices outlook May 2011 – what’s next for gold & silver?

 

Previous issues of weekly report:

 

• Gold didn’t move | Silver kept on falling – weekly recap 9-13 May
• Gold & Silver started May with sharp falls | 2-6 May
• Gold & Silver finished the month with new record highs | 25-29 April