The prices of gold and silver remained stable for the second consecutive week. This time, their modest rally at the beginning of the week came to a halt on Thursday following the release of the NF payroll report, in which 288K jobs were added and the rate of unemployment declined to 6.1%. Yellen’s speech at the IMF had a dovish tone as she restated a rate isn’t likely to occur anytime soon. This news may have provided some backwind for the gold and silver to moderately rally earlier last week. By the end of the week, gold inched up by 0.05% and silver by 0.01%.
Here is a short overview for the week of June 30th to July 4th:
Precious Metals:
The price of gold inched up by 0.05% last week; the average price reached $1,325.03/t. oz which was 0.42% above last week’s average rate of $1,319.5/t. oz. Gold ended the week at $1,320.6/t. oz.
The price of silver also edged up by 0.01%; further, the average weekly rate was $21.13/t oz, which was 0.33% above last week’s rate $21.06/t oz.
During last week, the average daily percent shifts of gold were 0.012%; silver had an average daily change of 0.006%.
The chart below presented theshifts inprecious metals prices, in which they are normalized to 100 as of June 27th. Gold and silver remained nearly flat during last week.
The second chart shows the daily percent changes of precious metals prices(or in other words the changes around the trend). Silver and gold rallied mainly on Tuesday and Wednesday only to come down on Thursday. The daily percent shifts ranged between 0.88% and -0.8%.
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