Gold and silver continued to flat line during last week as both precious metals ended up slightly higher than the previous week. In the U.S, several reports showed some mixed signs regarding its progress: jobless clams dropped again by 24k to reach 297k; Philly fed index slipped to 15.4 in May; the consumer price index rose by 0.3% in April and the core CPI by 0.2%. These recent news items may have slightly depreciated the U.S dollar against leading currencies including the Yen and Aussie dollar; the modest fall of the U.S dollar may have also slightly pulled up precious metals prices during last week. By the end of the week, gold price slightly rose by 0.45%; silver, by 1.10%.
Here is a short review of the latest developments in precious metals prices between May 12th and May 16th:
Precious Metals Overview:
The price of gold slightly rose by 0.45% last week; conversely, during last week, the average price reached $1,296.70/t. oz which was 0.02% above than last week’s average rate of $1,296.42/t. oz. Gold ended the week at $1,293.40 /t. oz.
The price of silver, slightly more than gold, rose by 1.1%; further, the average weekly rate was $19.51/t oz, which was 0.90% above last week’s rate $19.34/t oz.
During last week, the average daily percent changes of gold were 0.092%; silver had an average daily change of 0.229%.
The chart below shows thechanges inprecious metals prices, in which they are normalized to 100 as of May 9th. Gold and silver slowly rallied during most 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 rose mainly on Monday to Wednesday, and declined during the rest of the week. The daily percent shifts ranged between -1.5% and 2.2%.