Gold And Silver Prices | Weekly Recap August 27-31

Precious metals prices hiked on the last day of the week, following Ben Bernanke speech that raised expectations of many precious metals traders that another quantitative easing plan might be announced by the FOMC in the near future. Despite the recent rally of bullion prices, I still think it’s too early to expect another QE program. There were several other reports that were published during the week, such as the pending home sales figures in the U.S, and the revised up U.S GDP for Q2 that many have had a modest impact on precious metals.

During the week the Euro/USD rose by 0.53%; on the other hand, other “risk currencies” depreciated against the USD such as the Aussie dollar by 0.8%. Nonetheless, the rally of Euro seems to have contributed to the rally of bullion rates. 

By the end of the week, gold rose by 0.88% and silver by 2.39%.

Here is a short recap of the changes in Bullion between August 27th and August 31st:

 Precious Metals Recap:  

table weekly gold and silver August 27-31  2012

Gold price increased during last week by 0.88%; further, during said time the average rate reached $1,670.6 /t. oz which is 1.22% above the previous week’s average rate of $1,650.42 /t. oz. Gold finished at $1,687.6 /t. oz.

Silver, even more than gold, increased on a weekly scale by 2.39%; further, the average rate increased by 3.91% to reach $30.98/t oz compared to the previous week’s average $29.82/t oz.

During last week, the average daily percent change of gold reached -0.18%; silver rose by an average 0.49%.

As seen below, the chart shows the changes of precious metals, as their rates normalized to 100 to August 24th. Bullion prices changed direction during the week as they rose on the first and last day of the week; they declined during the rest of the week.

weekly precious metals chart   August 27-31  2012

The second chart presents the daily percent shifts of precious metals (or in other words the changes around the trend). Silver and gold hiked on Friday following the speech of Chairman of the Fed, Ben Bernanke who raised the expectations of the many bullion traders that another QE program is right around the corner. During last week precious metals daily percent changes ranged between nearly 3.5% gain and 1.5% loss.

weekly precious metals chart  August 27-31 2012 percent change

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