Gold & Silver Prices | Weekly Recap March 5-9

Gold and silver prices moved in a horseshoe pattern as they have declined during the first couple of days of the last week only to bounce back during the last few days. The fall of bullion on Monday and Tuesday may have been due to the speculation around the Greek debt crisis, the publication of ECB’s balance sheets and the news of the contraction of the EU GDP by 0.3% during the fourth quarter of 2011. But these losses turned into gains on Wednesday and continued to trade up throughout the rest of the week. During those days it was reported:  investors had agreed to swap nearly 85% of the Greek debt; the ECB had announced it will keep the interest rate unchanged at 1% and also released its  financial reports for 2011. According to the report, ECB’s net profit increased to €728 million. These news items helped pull up not only the Euro, but also precious metals prices. By the end of the week, the U.S. employment report was released and showed a 227k increase in non-farm payroll employment. This news dragged down the Euro but didn’t do so for gold and silver prices as they have finished the week rising. This may have been because Gold traders were very bullish in recent days and thus helped keep the recent upward trend of gold. By the end of the week, the Greek debt restructuring with private investors put Greece officially in default. 

Here is a short summary of the changes in gold and silver prices between March 5th and March 9th 2012:

 Precious Metals Prices Weekly Recap:

table weekly gold price and silver price-  5-9 March 2012Gold price slightly rose during last week by 0.10%; on the other hand, during last week the average gold price reached $1,694 /t. oz which is 2.772% below the previous week’s average price of $1,741 /t. oz. Gold price ended the week at $1,711 /t. oz.

Silver price, much like gold, didn’t change much on a weekly scale and slightly decreased by 0.91%; on the other hand, this week’s average price reached $33.62/t oz which is 5.37% below the previous week’s average $35.53/t oz. The average price fell last week because of the tumble of silver price on Tuesday.

During the week, the average daily percent change of gold price slightly rose by 0.03%; silver price decreased by an average daily rate of 0.16%.

In the following graph are the shifts in silver and gold prices, which were normalized to 100 to the end of last week – March 2nd. Gold and silver prices fell during the first half of the week and rallied during the second part.

weekly gold price and silver price chart  5-9 March  2012The second chart presents the daily percent changes of gold and silver (or in other words the shifts around the trend). Gold and silver prices were traded down during Monday and Tuesday and traded up during the rest of the week; their daily percent changes ranged between 2.5% gain to a 2.5% loss.

weekly gold price and silver price chart   5-9 March 2012 percent changeFor further reading: