Gold and silver made a comeback as their prices sharply rose during most of last week, which was the best performing week for the bullion market during February. The news from the beginning of the week of EU ministers of finance approving the bailout package for Greece brought back some confidence in the financial markets including the forex and commodities markets. Not only gold and silver prices rose during last week, but also the Euro, and crude oil were traded up. On the other hand, the news of the slight increase in the U.S. home sales may have curbed the rally of precious metals prices. By the end of week gold and silver prices rose by 2.93% and 6.42%, respectively.
Here is a short summary of the changes in gold and silver prices during the week of February 20th to February 24th 2012:
Precious Metals Prices Weekly Recap:
Gold price sharply rose during last week by 2.93%; furthermore, during last week the average gold price reached $1,763 /t. oz which is 2.24% above the previous week’s average price of $1,725 /t. oz. Gold price ended the week at $1,776 /t. oz.
Silver price, even more than gold price, sharply increased during last week by 6.42%; furthermore, this week’s average price reached $34.63/t oz which is 3.61% above the previous week’s average $33.43/t oz.
During the week, the average daily percent change of gold price rose by 0.58%; silver price also increased by an average daily rate of 1.27%.
In the following chart are the developments of silver and gold prices, which were normalized to 100 to the end of last week – February 17th. Gold and silver prices sharply rose during last week.
The 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 mostly rising but they have also shifted from gains to losses with daily percent changes ranging between 3.5% gain to a 0.5% loss.