The precious metals market continues its comeback from the slow down it had during January. During the week of 7th to 11th February, gold and silver prices showed strength at the beginning of the week, however slowed down at the second part of the week, after both precious metals inclined at the previous week. Let’s see the main changes for these precious metals prices:
According to some analysts this ongoing rally in gold and silver prices is related to the uprise in Egypt. Other considers that the rise in uncertainty in the Middle East might only play a short term effect. For more on the effect of the Egyptian uprise on major commodities’ see in this link.
Despite the recent upward trend during the last couple of weeks for both precious metals (silver and gold), its still early to figure if this is a shift in the downward that was during January.
Current gold prices have inclined by 0.9% from beginning to end of the week; this week’s average price was 1,360 USD /t. oz – a 1.4% increase compare to last week’s average weekly price of 1, 341 USD /t. oz.
Silver prices, even more than gold prices, have inclined by 2.22% from beginning to end of the week, and increased by 5.1% from this week’s average price of 30.28/$/t oz., compare to 28.55$/t oz. in the previous week.
On average, gold price inclined by 0.17% on a daily basis, while silver inclined by 0.65%.
During February gold prices rose by nearly 1.5%, while silver prices increased by 5.2%.
Both silver and gold prices showed an upward trend during the week, despite the slow down they had in the last couple of days of the week.
In the following table I present a summary of last week’s descriptive stats of gold and silver prices:
The price of silver and price of gold chart below presents the following: the price of each commodity is normalized to 100 for the price as of 7th of February – the beginning of the week.
The graph clearly shows an upward trend in these precious metals.
In the final graph are the daily percent changes of silver and gold during last week.
For further reading (in this site):
- Is gold a safe heaven investment compare to S&P500
- Gold Prices Outlook for 2011 and Analysis of 2010
- The tightening of Silver & Gold prices – short analysis
- The Gold Rush – is there a bubble in the Gold Market? – A short analysis
Previous issues of weekly report: