In this weekly recap on current gold prices and silver prices for January 18th to 21st, the week started off with some optimism as silver prices rose by over 2% nearing the 29$/t. oz mark. Later this week the precious metals started to fall and on Thursday the silver and gold prices dropped precipitately by 4.6% and 1.7%, respectively.
In total, gold prices fell by nearly 5.8% during the month of January, while silver prices decreased by 11.9%.
Let’s break down these metals’ prices and their changes in this passing week:
Current gold prices have declined by 2% from beginning to end of the week; this week’s average price was 1,356 USD /t. oz – a 1.6% decrease compare to last week’s average weekly price of 1, 378 USD /t. oz.
Silver prices, much more than gold prices, have declined by 5.14% from beginning to end of the week, and also decreased by 3.2% from this week’s average price of 28.15$/t oz., compare to 29.1$/t oz. in the previous week.
On average, gold price declined by 0.36% on a daily basis, while silver declined by 0.77%.
It will remain to be seen if this sharp fall could be a shift in the upward trend of precious metals prices in recent years; however, it is still very premature to determine such a shift from a multi year trend.
In the following table I present a summary of last week’s descriptive stats of gold and silver prices:
The price of silver and price of gold chart below presents the following: the price of each commodity is normalized to 100 for the price as of 18th of January – the beginning of the week.
The graph clearly shows a downward trend in these precious metals. This trend in silver and gold markets will remain to be seen if they will continue next week.
In the final graph are the daily percent changes of silver and gold during last week. According to the graph silver prices fluctuated between 2.1% and -4.6%, while gold price changed between 0.6% and -1.7%, both showing higher volatility than last week.
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