Gold bounced back during last week while silver remained nearly unchanged. In the forex market, the U.S dollar depreciated again against several leading currencies including Euro, Japanese Yen, and Aussie dollar. This trend may have also contributed to modest recovery of precious metals. The minutes of the last FOMC meeting were published last week and opened the debate as to when the FOMC will raise its fund rate. The minutes revealed there isn’t a clear cut consensus around the timing of raising interest rate. This news was enough to pull back up precious metals. In other news, jobless clams dropped by 32k to reach 300k. By the end of the week, gold price rose by 1.2% and silver remained flat.
Here is a short review of the recent changes in precious metals prices between April 7th and April 11th:
Precious Metals Overview:
The price of gold increased by 1.2% last week; conversely, during last week, the average price reached $1,310.18/t. oz which was 1.69% higher than last week’s average rate of $1,288.38/t. oz. Gold ended the week at $1,318.6 /t. oz.
The price of silver, unlike gold, remained unchanged; on the other hand, the average weekly rate was $19.95/t oz, which was 0.53% above last week’s rate $19.848/t oz.
During last week, the average daily percent shifts of gold were 0.237%; silver had an average daily change of 0.006%.
The chart below shows the changes in precious metals prices, in which they are normalized to 100 as of April 4th. Gold and silver rose mainly on Thursday.
The second chart presents the daily percent changes of precious metals prices (or in other words the shifts around the trend). Silver and gold rose on Tuesday and Thursday, and declined on Wednesday and Friday. The daily percent shifts ranged between -1.4% and 1.62%.