Precious metals prices have had an upward trend during last week. Gold rose every day of the week; silver increased every day as well except on Thursday. The speculation continues to run high about the possibility of the Fed introducing another stimulus plan next week despite the testimony of Bernanke in the Senate from a week earlier. The recent U.S related financial news weren’t too encouraging: the U.S retail sales edged down; U.S jobless claims rose last week. The U.S consumer price index and producer price index declined in May, while the core CPI and PPI ex food and energy rose. The Euro and Aussie dollar appreciated against the USD. This may have also helped rally bullion rates during last week.
By the end of the week, gold rose by 2.31% and silver by 0.94%.
Here is a short recap of the changes in Bullion between June 11th and June 15th:
Precious Metals Recap:
Gold price rose during last week by 2.31%; furthermore, during said time the average rate reached $1,615.54 /t. oz which is 0.41% above the previous week’s average rate of $1,608.88 /t. oz. Gold finished at $1,628.1 /t. oz.
Silver, much like gold, increased on a weekly scale by 0.94%; furthermore, the average rate reached $28.73/t oz which is 0.94% above the previous week’s average $28.58/t oz.
During last week, the average daily percent change of gold increased by 0.46%; silver also rose by an average 0.53%.
The chart below presents the shifts of precious metals, as their rates were normalized to 100 to June 8th. Bullion prices have had a moderate upward trend during last week.
The second chart shows the daily percent changes of precious metals (or in other words the shifts around the trend). Bullion prices didn’t change much during the week; their sharpest movement was on Thursday when silver declined for a single day by nearly 2%. Their daily percent changes ranged between nearly 1.2% gain and 1.9% loss.