Gold And Silver Prices | Weekly Recap for November 5-9

Precious metals rates changed direction again and rallied during most of the week. The U.S Presidential elections are over. The results of the elections may have contributed to the rise in gold and silver. In the 2008 elections the prices of precious metals also rose during the week of the elections. The elected President will need to resolve with Congress the “fiscal cliff” by the end of the year. This situation is likely to fuel the rally of bullion in the weeks to follow.  

There were several reports published last week that may have also affected the forex and commodities markets: the U.S jobless claims declined again by 8k to reach 363k; American trade deficit declined on account of the sharp rise in exports of goods. These news items may have contributed to rally of the USD. Finally, the Euro declined last week: the Euro/USD traded down by 0.66%; the Yen and Aussie dollar on the other hand appreciated against the USD.

By the end of the week, gold rose by 3.32%; silver, by 5.64%.

Here is a short recap of the developments in precious metals rates between November 5th and November 9th:

Precious Metals Recap:  

table weekly gold and silver November 5-9  2012


Gold price changed direction and rose during last week by 3.32%; further, during said time the average rate reached $1,713.82 /t. oz which is also 0.45% higher than the previous week’s average rate of $1,706.12 /t. oz. Gold finished at $1,730.9 /t. oz.

Silver, even more than gold, increased during last week by 5.64%; further, the average rate rose by 0.43% to reach $31.93/t oz compared to the previous week’s average $31.8/t oz.

During last week, the average daily percent change of gold reached 0.66%; silver had an average of 1.11%.

As seen below, the chart presents the developments of precious metals, as their prices normalized to 100 as of November 2nd. Bullion prices have had an upward during the first most of the week.

weekly precious metals chart   November 5-9  2012

The second chart shows the daily percent changes of bullion (or in other words the shifts around the trend). Silver and gold rose during of the week except on Wednesday. During the week, precious metals daily percent changes ranged between nearly 2.9% gain and a 1.1% loss.

weekly precious metals chart  November 5-9  2012 percent change

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