Gold and silver prices continued their rally and finished the week with sharp rises for the second straight week. The upward trend continued probably due to Bernanke’s testimony, the ongoing uncertainty around the European debt, and ongoing rapid growth of China – one of the prime importers of gold and silver.
Here is a short review of the changes in gold and silver prices during the week of July 11th to July 15th 2011:
Precious Metals Prices weekly summary:
Gold price increased by 2.64% during the week; furthermore, last week’s average gold price reached $1,575 /t. oz which was 3.06% above the previous week’s average price of $1,528 /t. oz. Gold price finished the week at $1,590 /t. oz.
Silver price also very sharply inclined by 9.45% from beginning to end, and this week’s average price was $37.45/t oz or 3.79% above the previous week’s average $36.08/t oz.
During the week, the average daily percent change of gold price rose by 0.62%; silver price inclined on a daily scale by an average of 1.39%.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – July 11th. It shows the trend of these precious metals prices.
In the chart above silver price started the week with a very moderate rise and starting Wednesday it has picked up and rose very rapidly; gold price, on the other hand inclined consistently and moderately throughout the week.
The last chart is of the daily percent changes of silver and gold prices during last week (i.e. the changes around the trend). The chart shows that gold price rose by nearly 1% each day; silver price started the week with falls, but on Wednesday it rose very sharply by 7%.
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Previous issues of weekly report: