Gold and silver prices started off the week with moderate rises, but by the end of the week they have sharply changed direction; they have declined for the remainder of the week. Bernanke’s speech on Wednesday is probably among the events that caused the shift in the commodities markets’ direction, because he didn’t suggest of any new stimulus plans in the near future. Therefore, the uncertainty around the US dollar has moderately subsided, and gold and silver lost some of their attractiveness.
Here is a short review of the changes in gold and silver prices during the week of June 20th to 24th 2011:
Precious Metals Prices weekly summary:
*This figure is calculated based on the percent change from the price at the beginning of the week compare to end of the week
Gold price decreased by 2.63% during the week; nevertheless, gold’s average price during the week was $1,532 /t. oz which was 0.36% above the previous week’s average price of $1,527/t. oz.
Silver price also declined by 3.94% from beginning to end, but this week’s average price was $35.77/t oz or 1.13% above the previous week’s average $35.37/t oz.
During the week, the average daily percent change of gold price fell by 0.5%; silver price declined on a daily scale by an average of 0.6%.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – June 20th. It presents the trend of these precious metals prices.
The chart shows gold and silver prices moderately inclined at the first half of the week, but sharply fell during the second half of 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 the stable climb of gold and silver price as their daily percent changes during the first half of the week didn’t change much, but on Thursday and Friday their daily percent fluctuated sharply and became negative.
For further reading (in this site):
Previous issues of weekly report:
- Gold & silver finished the week with rises – weekly recap 13-17 June
- Gold and Silver finished the week falling – weekly recap 6-10 June