The bullion market rallied again for the second consecutive week. The surge in violence in parts of Iraq may have contributed to the rise in prices of not only oil but precious metals. This rally may have also been driven by the depreciation of the U.S dollar against the Yen and Canadian dollar. Last week, several U.S reports were mostly positive regarding the progress of the U.S economy: The JOLTS showed an over 7% rise in job opening during April to reach 4.5 million. The PPI inched down by 0.2% in May. Retail sales slightly grew by 0.3% during last month and by 3.4% during the first five months of 2014. Finally, Jobless clams slightly increased by 4K to reach 317K. During last week, gold price rose by 1.72%; silver, by 3.5%.
Here is a short overview for the week of June 9th to 13th:
The price of silver, even more than gold, increased by 3.5%; further, the average weekly rate was $19.32/t oz, which was 2.36% above last week’s rate $18.87/t oz.
During last week, the average daily percent shifts of gold were 0.343%; silver had an average daily change of 0.692%.
The chart below shows theshifts inprecious metals prices, in which they are normalized to 100 as of June 6th. Gold and silver rallied again during last week.
The second chart shows the daily percent shifts of precious metals prices(or in other words the changes around the trend). Silver and gold increased mainly on Thursday. The daily percent shifts ranged between 0% and 2%.