Gold and silver prices moderately changed throughout the second week of December with a downward trend. The ongoing uncertainty vis-à-vis the potential outcome of the current European debt crisis continues to affect commodities and forex markets. The main news item that may have pushed the markets down (including the stocks and commodities markets) was the ECB rate decision and the follow up ECB press conference in which the ECB President stated that he opposes a bond purchase plan by the ECB, i.e. a European quantitative easing program. This news came on Thursday and drove gold and silver prices down, but on the closing day of the week gold and silver prices bounced back and slightly recovered from Thursday’s falls.
Here is a short review of the changes in gold and silver prices during the week of December 5th to December 9th 2011:
Precious Metals Prices Weekly Summary:
Gold price slightly declined during the week by 1.02%; furthermore, during last week’s average gold price of $1,728 /t. oz was 0.39% below than the previous week’s average price of $1,734 /t. oz. Gold price finished the week at $1,716 /t. oz.
Silver price, much like gold price, slightly declined during the week by 0.25%, and this week’s average price reached 32.31/t oz which is 0.56% below the previous week’s average $32.49/t oz.
During the week, the average daily percent change of gold price decreased by 0.39%; silver price also declined by an average daily rate of 0.25%.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – December 5th. The chart shows the development of gold and silver prices during the week.
As presented in the chart above, gold and silver prices changed with no clear trend during most of last week and sharply declined on Thursday.
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 moderate changes of gold and silver prices during most of the week; only on Thursday gold price sharply declined by over 1.5%; silver price sharply fell on Thursday by nearly 3.5% and the following day silver price rallied by a sharp rate of nearly 2.5%.
For further reading:
- Gold & Silver Prices – Daily Outlook December 9
- Gold and Silver Prices Monthly Outlook for December 2011
Previous issues of weekly report:
- Gold & Silver Prices | Weekly Recap 28 Nov – 2 Dec
- Gold & Silver Prices | Weekly Recap 21-25 November