Gold and silver market moved in an unclear trend during last week. Their rally at the beginning of the week changed course and tumbled down at the end of the week following the U.S non-farm payroll report. The recent reports regarding the U.S may have contributed to pressure down precious metals: Non-farm payroll report showed some promising figures and 175k jobs were added in February; manufacturing PMI rose by 1.9 percentage points to 53.2. Finally, jobless clams fell by 26k to reach 323k. In the forex market, the Euro, and Aussie dollar rose against the USD, while the Canadian dollar and Japanese yen depreciated. This mixed trend may have contributed to the recent developments in the prices of gold and silver. By the end of the week, gold price rose by 1.26% while silver declined by 1.46%.
Here is a short overview of the latest changes in precious metals prices between March 3rd and March 7th:
Precious Metals Overview:
The price of gold rose by 1.26% last week; moreover, during last week, the average price reached $1,343.70/t. oz which was 0.84% higher than last week’s average rate of $1,332.46/t. oz. Gold ended the week at $1,338.2 /t. oz.
The price of silver, unlike gold, declined by 1.46%; further, the average weekly rate was $21.28/t oz, which was 1.32% below last week’s rate $21.56/t oz.
During last week, the average daily percent changes of gold were 0.257%; silver had an average daily change of -0.280%.
The chart below presents the shifts in precious metals prices, in which they are normalized to 100 as of February 28th. Gold and silver moved in unclear trend during last week.
The second chart presents the daily percent changes of precious metals prices (or in other words the changes around the trend). Silver and gold fell mainly on Friday and rose on Monday. The daily percent changes ranged between -3% and 2.2%.
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