During the last week of the year, gold and silver prices declined and thus continued their downward trend of December. Gold and silver prices declined during the month by 10.5% and 14.90%, respectively. During 2011 gold price rose by 10.2% while silver price declined by 9.8%. What will be next of gold and silver prices in 2012? You are welcome to check out in my recent yearly recap for 2011 and outlook for 2012.
Here is a short review of the changes in gold and silver prices during the week of December 26th to December 30th 2011:
Precious Metals Prices Weekly Summary:
Gold price declined during the last week of the year by 2.44%; furthermore, during last week the average gold price reached $1,566.8 /t. oz which was 2.62% below the previous week’s average price of $1,608 /t. oz. Gold price finished the week at $1,566 /t. oz.
Silver price, much like gold price, sharply declined during the week by 4.02%; this week’s average price reached 27.8/t oz which is 4.65% below the previous week’s average $29.16/t oz.
During the week, the average daily percent change of gold price declined by 0.61%; silver price also declined by an average daily rate of 0.98%.
In the following chart are the silver and gold prices that were normalized to 100 to the beginning of the week – December 23rd. Gold and silver prices had a downward trend during most of the week.
The second chart presents the daily percent changes of silver and gold prices (or in other words the price changes around the trend). Gold and silver prices declined during the first half of the week; as the week progressed precious metals’ prices rallied and on the last day of the year they have finished rising.
Previous issues of weekly report: