The bullion market remained clam throughout the week despite the recent decision of the ECB to reduce its deposit rate to a negative figure. This news also had little impact on the Euro. At the end of the week, the non-farm payroll report was released. It was inline with market expectations as 217K jobs were added during May and the rate of unemployment rate remained flat at 6.3%. Finally, Jobless clams changed direction again and rose by 8K to reach 312K. During the week, the U.S dollar slightly depreciated against the Euro and Aussie dollar but rallied against the Yen and Canadian dollar. By the end of the week, gold price rose by 0.51%; silver, by 1.65%.
Here is a short overview for the week of June 2nd to 6th:
Precious Metals:
The price of gold increased by 0.51% last week; the average price reached $1,247.42/t. oz which was 1.3% below than last week’s average rate of $1,263.82/t. oz. Gold ended the week at $1,252.20 /t. oz.
The price of silver, much like gold, rallied by 1.65%; further, the average weekly rate was $18.87/t oz, which was 0.84% below last week’s rate $19.03/t oz.
During last week, the average daily percent changes of gold were 0.103%; silver had an average daily change of 0.331%.
The chart below shows thechanges inprecious metals prices, in which they are normalized to 100 as of May 30th. Gold and silver slightly increased during last week.
The second chart presents the daily percent changes of precious metals prices(or in other words the changes around the trend). Silver and gold rose mainly on Thursday. The daily percent shifts ranged between -0.5% and 1.5%.
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