Gold and silver prices changed directions during the week as they have both shifted from gain to loss throughout the week with no clear trend or direction. The recent developments in Greece were that its parliament had passed an austerity plan. But this plan was rejected by the EU ministers of finance as sufficient steps for Greece to receive the next rescue funds. Over the weekend Greece added some new provisions to the austerity plan and waits for the approvals of the EU leaders and IMF. All awhile these developments over the week may have tilted the direction of the Euro; this in turn may have also affect the direction of precious metals. The ECB kept the interest rate of the EU unchanged at 1%. Since there were speculations of a rate reduction, this news may have helped rally gold and silver prices on Thursday.
Here is a short summary of the development of gold and silver prices during the week of February 6th to February 10h 2012:
Precious Metals Prices Weekly Recap:
Gold price slightly decreased during last week by 0.17%; furthermore, during last week the average gold price reached $1,734.22 /t. oz which is 0.61% below the previous week’s average price of $1,744.78 /t. oz. Gold price ended the week at $1,725 /t. oz.
Silver price, much like gold price, moderately slipped during last week by 0.43%; on the other hand this week’s average price reached 33.83/t oz which is 0.39% above the previous week’s average $33.70/t oz.
During the week, the average daily percent change of gold price slightly fell by 0.17%; silver price also slightly decreased by an average daily rate of 0.08%.
In the following chart are the developments of silver and gold prices, which were normalized to 100 to the end of last week – February 3rd. Gold and silver prices zigzagged with no clear trend.
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 changed direction every day of the week with gains no higher than 1.5% and fall no lower than 1.5% as well.