Precious metals prices didn’t do much during last week despite the publication of the FOMC decision to start its stimulus plan. There were several reports that were published during last week: the Philly Fed index rose by 5 points but was still negative; U.S housing starts rose in August by 2.3% while building permits declined by 1%; U.S jobless claims remained high at 382k. This mixed signal regarding the progress of the U.S economy may have contributed to the little movement in the commodities, forex and stocks markets.
During the week the Euro/USD changed direction and decreased by 1.13%; further, other “risk currencies” also depreciated against the USD, e.g the Aussie dollar by 0.88%. Thus, the decline of Euro seems to have curbed the rally of precious metals rates.
By the end of the week, gold rose by 0.3% while silver slipped by 0.05%.
Here is a short recap of the changes in Bullion between September 17th and September 21st:
Precious Metals Recap:
Gold price edged up during last week by 0.3%; further, during said time the average rate reached $1,772.34 /t. oz which is 1.33% above the previous week’s average rate of $1,749.04 /t. oz. Gold finished at $1,778 /t. oz.
Silver, unlike gold, slipped on a weekly scale by 0.05%; alternatively, the average rate increased by 1.81% to reach $34.6/t oz compared to the previous week’s average $33.99/t oz.
During the previous week, the average daily percent change of gold reached 0.06%; silver edged down by an average 0.01%.
As seen below, the chart presents the developments of precious metals, as their rates normalized to 100 to September 14th. Bullion prices didn’t do much during the week.
The second chart presents the daily percent shifts of precious metals (or in other words the changes around the trend). Silver and gold remained nearly unchanged during the week. During last week precious metals daily percent changes ranged between nearly 1% gain and -0.83% loss.