Gold & Silver Prices | Weekly Recap April 2-6

Gold and silver prices shifted very promptly during last week. They have both started very strong and thus continued their upward trend from the previous week, but then the minutes of the last FOMC meeting were published. In the minutes it was strongly suggested there is no need for the time being for any further intervention by the Fed (i.e. no additional stimulus plans) until the U.S economy will show additional signs of slowdown. Many commodities prices reacted the following day and plummeted including gold and silver prices. The following day gold and silver bounced back a bit as a correction to their fall. By the end of the week the U.S non-farm payroll report came out and showed a moderate growth of 120k in employment; this figure was below market expectations and below the growth in the past three months. This news may affect the direction of gold and silver prices coming Monday (the markets were closed on Friday on account of Good Friday). Despite the sharp fall of both metals on Wednesday, by the end of the week gold price declined by only 2.5% and silver price by 2.32%. 

Here is a short summary of the changes in gold and silver prices between April 2nd and April 6th 2012:

 Precious Metals Prices Weekly Recap:

table weekly gold price and silver price-  2-6 April 2012Gold price sharply decreased during last week by 2.5%; furthermore, during last week the average gold price reached $1,648 /t. oz which is 1.4% below the previous week’s average price of $1,672 /t. oz. Gold price ended the week at $1,630 /t. oz.

Silver price, very similar to gold, sharply fell on a weekly scale by 2.32%; furthermore, this week’s average price reached $31.73/t oz which is 0.16% below the previous week’s average $32.13/t oz.

During the week, the average daily percent change of gold price decreased by 0.16%; silver price by an average daily rate of 0.52%.

In the following chart are the developments of gold and silver prices, which were normalized to 100 to the end of last week – March 30th. Gold and silver started off the week strong and on Wednesday sharply declined.

weekly gold price and silver price chart  2-6 April  2012
The second chart shows the daily percent fluctuations of gold and silver (or in other words the shifts around the trend). Gold and silver prices zigzagged during the week from gains to losses; their daily percent changes ranged between 2% gain to nearly 7% loss.

weekly gold price and silver price chart    2-6 April 2012 percent change

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