Gold and silver kept their upward trend they have had during most of the first month of 2012. Despite the announcement over the last weekend by S&P to downgrade France and several other EU countries’ credit rating, France and Spain didn’t seem to have a problem selling their bonds during the week. The Euro and other “risk” currencies appreciated against the U.S. dollar during last week. This, in turn may have been among the factors keeping gold and silver prices rising during most of the week. The recent American reports including the U.S. housing starts and the U.S. Producer Price Index had declined; these reports may have also helped rally precious metals prices during the week.
Here is a short review of the changes in gold and silver prices during the week of January 16th to January 20th 2012:
Precious Metals Weekly Summary:
Gold price rose during last week by 2.04%; furthermore, during last week the average gold price reached $1,658.5 /t. oz which is 1.65% above the previous week’s average price of $1,631.54 /t. oz. Gold price ended the week at $1,664 /t. oz.
Silver , even more than gold , sharply increased during last week by 7.29%; this week’s average price reached 30.72/t oz which is 3.68% above the previous week’s average $29.63/t oz.
During the week, the average daily percent change of gold rose by 0.51%; silver also rose by an average daily rate of 1.79%.
In the following chart is the development of silver and gold prices, which were normalized to 100 to the end of last week – January 13th. Gold and silver prices continued their sharp upward trend during last week.
The second chart presents the daily percent changes of silver and gold prices (or in other words price changes around the trend). Gold and silver started off the week with sharp gains, but as the week progress their daily percent gains subsided; by the end of the week coming Friday they have rallied.