Gold and silver prices continued to dwindle with an unclear trend during the last week of March and thus both metals ended the month with slight falls on a monthly scale: gold price edged down by 2.3% and silver price by 6.23%. The market sentiment has shifted a bit during the beginning of the week after Bernanke’s speech regarding his concerns over the future progress of the labor market. This speech rekindled the speculations of another QE progress that will increase the U.S money base and thus push up again gold and silver prices. But this sentiment seems to have dissipated very soon because after the sharp gains for both precious metals on Monday, they have continued to zigzag throughout the rest of the week. By the end of the week they have both finished only slightly above their initial starting point for the week
By the end of the week, gold price edged up by 0.4% and silver price by 0.66%.
Here is a short summary of the changes in gold and silver prices between March 26th and March 30th 2012:
Precious Metals Prices Weekly Recap:
Gold price slightly increased during last week by 0.4%; furthermore, during last week the average gold price reached $1,672 /t. oz which is 1.1% above the previous week’s average price of $1,654 /t. oz. Gold price ended the week at $1,671 /t. oz.
Silver price, much like gold, moderately rose on a weekly scale by 0.66%; furthermore, this week’s average price reached $32.13/t oz which is 0.65% above the previous week’s average $32.33/t oz.
During the week, the average daily percent change of gold price slightly increased by 0.09%; silver price by an average daily rate of 0.14%.
In the following chart are the developments of gold and silver prices, which were normalized to 100 to the end of last week – March 23rd. Gold and silver moved in business cycle movement during the week with no upward or downward trend.
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 nearly every day; their daily percent changes ranged between 1.5% gain to a 2.4% loss.