The stagnation in the bullion market was erupted this week as the prices of gold and silver mainly on Tuesday. Their recent fall coincided with the ongoing recovery of U.S equities markets. Even the negative news about the U.S GDP and consumer sentiment didn’t curb down the rally of U.S equities. Jobless clams changed direction and decreased by 27k to reach 300k. Finally, the U.S dollar slightly depreciated against several leading currencies including the Yen, Aussie dollar and Canadian dollar. These developments, however, didn’t seem to impact precious metals prices. By the end of the week, gold price dropped by 3.55%; silver, by 3.66%.
Here is a short overview for the week of May 26th – 30th:
The price of gold declined by 3.55% last week; the average price reached $1,263.82/t. oz which was 2.23% below than last week’s average rate of $1,292.64/t. oz. Gold ended the week at $1,245.80 /t. oz.
The price of silver, much like gold, plummeted by 3.66%; further, the average weekly rate was $19.03/t oz, which was 1.8% below last week’s rate $19.38/t oz.
During last week, the average daily percent shifts of gold were -0.769%; silver had an average daily change of -0.844%.
The chart below shows the changes in precious metals prices, in which they are normalized to 100 as of May 23rd. Gold and silver tumbled down during most of last week.
The second chart presents the daily percent shifts of precious metals prices(or in other words the changes around the trend). Silver and gold fell mainly on Tuesday and Friday. The daily percent shifts ranged between -2% and 0%.
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