Precious metals heated up during the past week after gold and silver remained nearly unchanged in the previous week. The release of the minutes of the FOMC meeting may have partly contributed to the recent recovery of bullion prices: The minutes revealed the FOMC may keep the interest rates for a long time until the inflation start to pick up towards the Fed’s target of 2%. This dovish tone may have sparked another rally of gold and silver. In other U.S news, the JOLTS monthly updated reported little change in the as the number of job openings inched up to 4.6 million in May – a 2.2% gain, month over month; the number of jobless claims declined by 11K to reach 304K. These reports were mildly positive and thus didn’t stir up the financial markets. By the end of the week, gold rose by 1.27% and silver by 1.54%.
Here is a short overview for the week of July 7th to July 11th:
The price of silver also rallied by 1.54%; further, the average weekly rate was $21.19/t oz, which was 0.31% above last week’s rate $21.12/t oz.
During last week, the average daily percent shifts of gold were 0.255%; silver had an average daily change of 0.311%.
The chart below presented theshifts inprecious metals prices, in which they are normalized to 100 as of July 4th. Gold and silver rallied mainly by the end of last week.
The second chart shows the daily percent shifts of precious metals prices(or in other words the changes around the trend). Silver and gold rose mainly on Thursday. The daily percent shifts ranged between 2.1% and -0.6%.