Gold and silver prices started the first week of December with moderate gains during the week. The reduction on the rates of US dollar based loans given to struggling EU banks by several central banks including the Federal Reserve helped push up the Euro and ease, in the short term, the anxiety in the markets. This may have also helped pull up commodities prices including gold and silver prices. The positive reported from the U.S. including the rise in US PMI manufacturing index, the sharp increase in US pending home sales and the positive response of the US consumer confidence survey may have also helped lift the commodities prices and consequently also rally gold and silver prices. The recent news of the 120k gain in the U.S. employment during November should have pressure down gold and silver prices, but in effect gold price ended the week slightly rising, while silver price slightly declined.
Here is a short review of the changes in gold and silver prices during the week of November 28th to December 2nd 2011:
Precious Metals Prices Weekly Summary:
Gold price slightly inclined during the week by 2.15%; furthermore, during last week’s average gold price of $1,734 /t. oz was 2.53% above than the previous week’s average price of $1,692 /t. oz. Gold price finished the week at $1,751 /t. oz.
Silver price, much like gold price, slightly inclined during the week by 1.38%, and this week’s average price reached 32.49/t oz which is 2.10% above the previous week’s average $31.82/t oz.
During the week, the average daily percent change of gold price increased by 0.74%; silver price also inclined by an average daily rate of 1.02%.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – November 28th. The chart shows the development of gold and silver prices during the week.
As presented in the chart above, gold and silver prices slightly inclined during most of last week.
The final chart shows the daily percent changes of silver and gold prices (or in other words the price changes around the trend). It presents the sharp gains of both metals’ prices at the beginning of the week; by Wednesday they inclined again by nearly 2% each metal; by the end of the week their daily percent changes didn’t move much and moderately fluctuated.
For further reading:
- Gold & Silver Prices – Daily Outlook December 2
- Gold and Silver Prices Monthly Outlook for November 2011
- Gold and Silver Prices Weekly Outlook for Nov 28 – Dec 2
Previous issues of weekly report: