Gold and silver didn’t do much and only slightly rose during last week. The U.S continued to show signs of slow recovery as the last non-farm payroll report was an improvement from previous months but wasn’t much better than expected. 192k jobs were added in March and the rate of unemployment remained flat at 6.7%. Some expected the rate to fall to 6.6%. In the forex market, the U.S dollar also changed course and slightly depreciated against several leading currencies including Euro and Aussie dollar. This trend may have also contributed to the modest recovery of precious metals. In other news, several reports were published and showed mixed signal regarding the progress in the U.S economy: For March, the manufacturing PMI slightly rose by 0.5 percentage points to 53.7, which means the manufacturing sectors are growing at a faster pace than last month; jobless clams slightly rose by 16k to reach 326k. Finally, China manufacturing PMI rose to 50.3 in March – meaning the manufacturing sectors are growing at a slightly faster pace. By the end of the week, gold price rose by 0.7% and silver by 0.8%.
Here is a short review of the recent developments in precious metals prices between March 31st and April 4th:
Precious Metals Overview:
The price of gold slightly increased by 0.7% last week; conversely, during last week, the average price reached $1,288.38/t. oz which was 1.12% lower than last week’s average rate of $1,302.96/t. oz. Gold ended the week at $1,303 /t. oz.
The price of silver, much like gold, rose by 0.8%; on the other hand, the average weekly rate was $19.848/t oz, which was 0.01% below last week’s rate $19.85/t oz.
During the previous week, the average daily percent changes of gold were 0.144%; silver had an average daily change of 0.163%.
The chart below presents the changes in precious metals prices, in which they are normalized to 100 as of March 28th. Gold and silver bounced back mainly by the end of 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 fell mostly on Monday, Tuesday and Thursday only to rally on Wednesday and Friday. The daily percent changes ranged between -1.2% and 1.8%.