For the last week of 2010, this is the spot gold price and silver prices weekly recap for the week of December 27th to 31st:
After last week’s moderate movements of precious metals prices, in the last week of the year these metals prices recorded a much more bullish behavior especially for silver prices. These recent increases could be related to the timing (end of the year), and the tax related adjustments investors usually make in their portfolio during this time.
Let’s get started…
The spot gold price rose by 2.8% from beginning to end of the week; this week’s average price was 1,405 USD /t. oz – a 1.5% increase compare to last week’s average weekly price of 1, 385 USD /t. oz.
silver prices, much more than gold prices, rose even higher as they increased by 5.8% from beginning to end of the week, and also rose by 3.3% from this week’s average weekly price of 30.35$/t oz., compare to 29.37$/t oz. for the previous week.
On average, gold prices rose by 0.6% on a daily basis, while silver prices rose by 1.1%.
In the following table I present a summary of last week’s descriptive stats of gold and silver prices:
In the following chart gold spot price and silver prices are presented as follows: the price of each commodity is normalized to 100 for the price as of 27th of December – the beginning of the week.
The graph clearly shows an upward trend in these commodities. This upward trend in silver and gold markets will remain to be seen if they will sustain and continue next week.
In the final graph are the daily percent changes of these precious metals from last week. According to the graph silver prices fluctuated throughout the week between 3.7% and -0.6%, while spot gold price changed between 1.5% and -0.6%, both showing high volatility compare to last week.
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