The prices of gold and silver didn’t do much on a weekly scale: Gold price slightly rose by 1.2%; Silver slipped by 1.68%. The recent testimony of Bernanke didn’t offer some additional insight and reminded that the Fed won’t taper QE3 until the U.S economy will show clear signs of progress. In the U.S several reports came out and showed a mixed signal (but mostly positive) regarding the progress of the economy: Housing starts declined by 9.9% during June compared to May; Philly Fed index also increased to 19.8 in July; U.S jobless claims declined by 24k to 334k; Retail sales slightly increased by 0.6% during June. In India, Silver imports sharply rose in the first five months of 2013, which may have helped curb silver price from further plummeting.
In the forex market, by the end of the week, the Euro slightly rose by 0.58% against the USD; the Aussie dollar also rose by 1.36% against the USD. These developments in the forex market may have contributed to the rally of gold price during last week.
Here is a short review of the latest changes in precious metals prices between July 15th and July 19th:
Precious Metals Recap:
The price of gold slightly rose again by 1.20% last week; furthermore, during last week, the average price reached $1,285.70 /t. oz which was 2.27% above last week’s average rate of $1,257.18 /t. oz. Gold ended the week at $1,292.90 /t. oz.
During last week the price of silver, unlike gold price, slipped by 1.68%; conversely, the average weekly rate was $19.60/t oz, which was 0.99% above last week’s rate $19.41/t oz.
During the previous week, the average daily percent changes of gold reached 0.240%; silver had an average daily change of -0.331%.
The chart below shows the developments in precious metals prices, in which they are normalized to 100 as of July 12th. Gold and silver prices didn’t do much during last week.
The second chart shows the daily percent changes of precious metals prices (or in other words the changes around the trend). Silver and gold moved in different direction during last week. Precious metals prices daily percent changes ranged between 0.70% gain and 2.60% decline.