Precious metals prices didn’t do much during last week as they continue to show modest movements. The anticlimax in the precious metals market following the FOMC decision to launch QE3 back in mid-September continues. There were several reports that were published during the previous week: the U.S PPI rose by 1.1% during September; U.S jobless claims dropped by 30k to 339k. These news items may have contributed to movement of the USD against other major currencies, and consequently bullion rates. Last week, there were several high profile meetings including G7 Summit and Euro Council meeting, there was a speech given by ECB President. These events didn’t seem to affect forex traders. The uncertainty around Spain and Greece remains and the Euro continues to show weakness: during the week the Euro/USD slipped by 0.68%; alternatively, the Aussie dollar rose by 0.47%.
By the end of the week, gold rose by 0.39%; silver edged down by 0.01%.
Here is a short recap of the changes in Bullion between October 8th and October 12th:
Precious Metals Recap:
Gold price declined during last week by 1.18%; further, during said time the average rate reached $1,767.22 /t. oz which is also 0.9% below the previous week’s average rate of $1,783.2 /t. oz. Gold finished at $1,759 /t. oz.
Silver, much like gold, declined during last week by 2.61%;further, the average rate decreased by 2.37% to reach $33.97/t oz compared to the previous week’s average $34.8/t oz.
During the previous week, the average daily percent change of gold reached -0.24%; silver had an average of -0.53%.
As seen below, the chart shows the developments of precious metals, as their rates normalized to 100 to October 5th. Bullion prices have had a modest downward trend throughout the week.
The second chart shows the daily percent changes of precious metals (or in other words the changes around the trend). Silver and gold shifted from gains to losses on a weekly scale. During last week, precious metals daily percent changes ranged between nearly 0.4% gain and 1.6% loss.
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