The gold market remained stagnate and the price of gold didn’t form a trend during the past week. On the other hand, silver price continued its downward trend from previous weeks and tumbled down mainly during the first part of the week. In the forex market some currencies such as Euro and Canadian dollar strengthened against the US dollar. Others including the yen and Aussie dollar weakened against the USD. In the U.S several reports showed not much progress in the U.S economy: The trade balance widened during September due to higher imports and lower exports, which suggest the U.S economy hasn’t improved during the month; Jobless claims slightly fell by 2k to reach 339k. Moreover, in Bernanke’s recent talk in a teacher town hall in D.C he reiterated that the Fed will remain alert to prevent the U.S inflation from falling below 2%. Such dovish remarks might have rallied precious metals prices by the end of the week. By the end of the week, gold price inched up by 0.23%, and silver fell by 2.77%.
Here is a short overview of the recent changes in precious metals prices between November 11th and November 15th:
Precious Metals Review:
The price of gold inched up by 0.23% last week; conversely, during last week, the average price reached $1,278.88 /t. oz which was 2.13% below last week’s average rate of $1,306.70 /t. oz. Gold ended the week at $1,287.40 /t. oz.
The price of silver, unlike gold, fell again by 2.77%; moreover, the average weekly rate was $20.79/t oz, which was 3.80% below last week’s rate $21.61/t oz.
During last week, the average daily percent shifts of gold were 0.048%; silver had an average daily change of -0.551%.
The chart below shows the changes in precious metals prices, in which they are normalized to 100 as of November 8th. Gold price didn’t do much during the week and moved in an unclear trend; conversely, the price of silver had a sharp downward trend mostly during the first part of the 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 in the past couple of days of the week. Gold and silver prices rallied on Thursday. The daily percent changes ranged between 1.4% gain and 2.4% drop.