Precious metals rates slightly declined during last week. The FOMC meeting concluded, as expected, with no resolutions or any big headlines. Therefore, the FOMC statement didn’t have much of an impact on gold and silver prices. There were several reports published last week that may have affected the forex and commodities markets: the U.S new home sales rose again during September; jobless claims declined by 23k to reach 369k; U.S GDP rose by 2%, in annual terms, during the third quarter of 2012 – this growth rate was slightly higher than many had anticipated. These news items may have contributed to decline of precious metals rates. The Euro also declined last week: the Euro/USD fell by 0.65%; the Yen and Canadian dollar also deprecated against the USD; conversely, the Aussie dollar rose by 0.41%.
By the end of the week, gold declined by 0.7%; silver, by 0.19%.
Here is a short recap of the changes in Bullion between October 22nd and October 26th:
Precious Metals Recap:
Gold price decreased during last week by 0.7%; further, during said time the average rate reached $1,712.44 /t. oz which is also 1.65% below the previous week’s average rate of $1,741.12 /t. oz. Gold finished at $1,711.9 /t. oz.
Silver, even less than gold, declined during last week by 0.19%; further, the average rate decreased by 2.51% to reach $31.96/t oz compared to the previous week’s average $32.78/t oz.
During last week, the average daily percent change of gold reached -0.14%; silver had an average of -0.03%.
As seen below, the chart presents the shifts of precious metals, as their rates normalized to 100 as of October 19th. Bullion prices have had a shifted with an unclear trend throughout the week.
The second chart shows the daily percent changes of precious metals (or in other words the shifts around the trend). Silver and gold declined on Tuesday, Wednesday and Friday and rose during the rest of the week. During last week, precious metals daily percent changes ranged between nearly 1.5% gain and a 1.4% loss.