The rates of gold and silver moved in an unclear trend during last week as they have shifted from gains to losses almost on a daily basis. In the end of the week the price of gold inched up while silver slightly fell. This unclear trend was also characterized in the equity markets in the U.S. In the end, the equity markets slightly declined; in the currencies markets the Euro rallied against the USD while the Canadian dollar and Aussie dollar slipped. In the U.S several reports were published: U.S GDP for the first quarter was revised down to a growth rate of 2.4%; pending home sales slightly increased during the previous month; jobless claims rose by 10k to reach 354k. Bank of Canada left its interest rate unchanged at 1%. By the end of the week it was published that China’s manufacturing PMI inched up to 50.8 in May. This news may help rally commodities prices coming Monday.
Here is a short review of the changes in precious metals prices between May 28th and May 31st:
Precious Metals Recap:
Gold price inched up during last week by 0.43%; further, during the week, the average weekly price reached $1,392.18 /t. oz which was 0.77% above last week’s average rate of $1,381.5 /t. oz. Gold ended the week at $1,392.6 /t. oz.
Silver, unlike gold, slightly decreased during last week by 1.12%; further, the average weekly rate decreased by 0.40% to reach $22.40/t oz compared to last week’s average $22.49/t oz.
During last week, the average daily percent shifts of gold reached 0.017%; silver had an average daily change of -0.232%.
The chart below presents the changes of precious metals, as their prices are normalized to 100 as of May 24th. Gold and silver prices moved in an unclear trend during last week.
The second chart shows the daily percent shifts of bullion prices (or in other words the changes around the trend). Silver and gold zigzagged during the week. Precious metals prices daily percent changes ranged between 1.5% gain and -2% drop.