This is a weekly recap for the week of January 10th to 14th on gold prices and silver prices:
After last week’s bearish behavior of precious metals prices, especially for silver prices as it fell from over 31$ to 28.6$, this week, most of the week, precious metals prices rose moderately, only to fall sharply at the end of the week very sharply.
In total, gold prices fell by nearly 4.4% during the month of January, while silver prices decreased by 9%.
Let’s further check how these commodities did this passing week:
The spot gold price has declined by 1% from beginning to end of the week; this week’s average price was 1,378 USD /t. oz – a 0.4% decrease compare to last week’s average weekly price of 1,383 USD /t. oz.
Silver prices, much more than gold prices, have declined by 1.9% from beginning to end of the week, and also decreased by 1.4% from this week’s average weekly price of 29.1$/t oz., compare to 29.53$/t oz. for the previous week.
On average, spot gold price declined by 0.12% on a daily basis, while silver prices declined by 0.23%.
It will remain to be seen if this sharp fall could be a shift in the upward trend of precious metals prices in recent years; however, it is still very premature to determine such a shift from a multi year trend.
In the following table I present a summary of last week’s descriptive stats of gold and silver prices:
The chart below of spot gold price and silver prices presents the following: the price of each commodity is normalized to 100 for the price as of 10th of January – the beginning of the week.
The graph clearly shows a downward trend in these precious metals. This trend in silver and gold markets will remain to be seen if they will continue next week.
In the final graph are the daily percent changes of silver and gold during last week. According to the graph silver prices fluctuated between 2.2% and -3.2%, while spot gold price changed between 0.7% and -1.9%, both showing higher volatility than last week.
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