The gold and silver market didn’t weak up during the past week and only slightly rallied on a weekly scale. The main event of the month – the upcoming FOMC meeting at the end of January – could stir up the markets until then gold and silver prices are likely to keep moving in a slow manner. The recent moderate recovery of precious metals didn’t coincide with the sharply depreciation of leading currencies such as Euro and Aussie dollar against the USD. During last week several reports came out and mostly showed the U.S economy is slowly progressing: Philly Fed index increased to 9.4 in January; jobless claims slipped by 2k to 326k; retail sales rose by 0.2% during December; both CPI and PPI increased in December by 0.3% and 0.4%, respectively. Conversely, the core CPI inched up by 0.1% and the annual rate remains low at 1.7%. By the end of the week, gold price increased by 0.4% and silver by 0.33%.
Here is a short overview of the recent developments in precious metals prices between January 13th and January 17th:
Precious Metals Overview:
The price of gold inched up by 0.4% last week; moreover, during last week, the average price reached $1,245.38/t. oz which was 0.93% higher than last week’s average rate of $1,233.88/t. oz. Gold ended the week at $1,251.9 /t. oz.
The price of silver, much like gold, edged up by 0.33%; further, the average weekly rate was $19.86/t oz, which was 1.77% above last week’s rate $19.86/t oz.
During last week, the average daily percent shifts of gold were 0.082%; silver had an average daily change of 0.068%.
The chart below shows the changes in precious metals prices, in which they are normalized to 100 as of January 10th. Gold and silver haven’t done much during 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 declined during Tuesday and Wednesday only to bounce back on Friday. The daily percent changes ranged between 1.25% gain and 0.73% drop.