The bullion market didn’t do much during last week as both gold and silver moved in an unclear trend during the week. Their unclear trend was also recorded in the forex and equity markets. Last week in the U.S: Jobless claims declined by 12k to reach 346k; retail sales in May rose by 0.6%; PPI bounced back in May by 0.5%. These reports may have contributed to the rally of U.S equity markets and may have also dragged down bullion rates. In Japan, BOJ left its policy unchanged, which may have helped pull down equities markets in Japan. The Japanese yen sharply rose against the USD. The Aussie and Euro also rallied last week, which may have also pressured up gold and silver prices. By the end of the week, the Euro rose by 0.98%; the Aussie dollar increased by 0.77% against the USD. Gold price rose by 0.33%; silver, by 0.97%.
Here is a short review of the developments in precious metals prices between June 10th and June 14th:
Precious Metals Recap:
Gold price slightly rose during last week by 0.33%; conversely, during the week, the average price reached $1,384.20 /t. oz which was 1.22% below last week’s average rate of $1,401.24 /t. oz. Gold ended the week at $1,387.6 /t. oz.
Silver, much like gold, increased during last week by 0.97%; on the other hand, the average weekly rate was $21.78/t oz, which was 2.81% below last week’s rate $22.41/t oz.
During last week, the average daily percent shifts of gold reached 0.068%; silver had an average daily change of 0.20%.
The chart below presents the developments of bullion, as their prices are normalized to 100 as of June 7th. Gold and silver prices moved in an unclear trend last week as they changed direction almost on daily basis.
The second chart shows the daily percent shifts of precious metals rates (or in other words the changes around the trend). Silver and gold changed direction nearly on a daily basis during the previous week. Precious metals prices daily percent changes ranged between 1.7% gain and 1.3% drop.
For further reading:
- Gold and Silver Outlook for June
- Is the Golden Era of Gold Over?
- Is it Time to Sell Gold?
- Why Gold Isn’t Pulling Up?