Gold & Silver Prices | Weekly Recap July 9-13

Precious metals changed direction and after they had declined during the first week of July they managed to rally on the second week. The publication of the minutes of the FOMC meeting from back in June didn’t reveal anything earth shattering that will hint or suggest the FOMC is planning of another stimulus plan in the near future; a plan  to jump-start the economy and in the process likely to pull up gold and silver prices. On Friday China’s GDP report came out and showed another disappointing growth rate during Q2. This news triggered reports and guesses that China might consider stimulating its economy resulting in commodities prices rising on Friday. Other U.S related news and reports include: jobless claims falling to 350k; U.S PPI edged up by 0.1% and core PPI by 0.2%.

Finally, during the week the Euro/USD edged down and may have curbed the rally of major commodities rates including gold, silver and oil. 

By the end of the week, gold rose by 0.83% and silver by 1.67%.

Here is a short recap of the changes in Bullion between July 9th and July 13th:

 Precious Metals Recap:  

table weekly gold and silver - 9-13 July  2012

Gold price rose during last week by 0.83%; alternatively, during said time the average rate reached $1,580.38 /t. oz which is 1.59% below the previous week’s average rate of $1,605.92 /t. oz. Gold finished at $1,592 /t. oz.

Silver, even more than gold, rose on a weekly scale by 1.67%; furthermore, the average rate reached $27.18/t oz which is 2% below the previous week’s average $27.73/t oz.

During last week, the average daily percent change of gold reached 0.17%; silver also rose by an average 0.34%.

The chart below shows the changes of precious metals, as their rates were normalized to 100 to July 6th. Bullion prices have kicked off the week with an unclear trend and they both shifted from gains to losses; during the last three day of the week silver started to rally while gold continued to zigzag. By Friday both metals were traded up.

weekly precious metals chart 9-13 July 2012

The second chart shows the daily percent shifts of precious metals (or in other words the shifts around the trend). Bullion prices didn’t do much during the first few days of the week; silver and gold changed directions very rapidly but by the end of the week both precious metals hiked. Precious metals daily percent changes ranged during the week between nearly 2% gain and 2% loss.

weekly precious metals chart  9-13 July 2012 percent change

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