Gold and silver changed direction again and declined during the last week of November. The recent EU Summit resulted in approving the Greek bailout, which may have contributed to the rally of the Euro. Albeit it didn’t seem to curb the fall of precious metals prices. Several other reports were published during last week and may have moderately affected forex and commodities markets: the U.S jobless claims declined by 23k to reach 393k; the U.S GDP for Q3 2012 was revised up to 2.7% (annual growth); new home sales edged down in October while pending home sales rose by 5.2%. These news items may have contributed to fall of precious metals during the week as these reports are mostly positive on the U.S economy. Finally, the Euro/USD edged up last week by 0.11%; the Canadian and Aussie dollar, on the other hand, depreciated against the USD. This mixed trend may have contributed slowed down precious metals prices.
By the end of the week, gold decreased by 2.31%; silver, by 2.67%.
Here is a short recap of the shifts in precious metals prices between November 26th and November 30th:
Precious Metals Recap:
Gold price resumed its downward trend and declined during the previous week by 2.31%; moreover, during said week, the average rate reached $1,729.3 /t. oz which is also 0.24% lower than the previous week’s average rate of $1,733.4 /t. oz. Gold ended the week at $1,710.9 /t. oz.
Silver, much like gold, declined during the previous week by 2.67%; alternatively, the average rate also rose by 1.39% to reach $33.87/t oz compared to the previous week’s average $33.41/t oz.
During last week, the average daily percent change of gold reached -0.46%; silver had an average of 0.53%.
The chart presents the shifts of precious metals, as their rates normalized to 100 as of November 23rd. Bullion prices have had a downward during most of the previous week.
The second chart demonstrates the daily percent changes of bullion (or in other words the changes around the trend). Silver and gold decreased during most of the week. During last week, bullion rates daily percent changes ranged between nearly 2% gain and a 3.3% loss.