Precious metals prices didn’t do much during the week as they both edged up on a weekly scale. There were several reports that came out during the week but none of them seem to have a substantial effect on precious metals. The U.S trade balance deficit declined during June; U.S. jobless claims declined last week by 6k to 361k.
During the week the Euro/USD declined by 0.78%; on the other hand, other “risk currencies” appreciated against the USD such as the Canadian dollar by 1.02%. This rise may have contributed to the increase of gold and silver.
By the end of the week, gold rose by 0.84% and silver by 0.94%.
Here is a short recap of the changes in Bullion between August 6th and August 10th:
Precious Metals Recap:
Gold price rose during last week by 0.84%; further, during said time the average rate reached $1,617.6 /t. oz which is 0.52% above the previous week’s average rate of $1,609.18 /t. oz. Gold finished at $1,622.8 /t. oz.
Silver, much like gold, increased on a weekly scale by 0.94%; further, the average rate rose by 1.38% to reach $28.04/t oz compared to the previous week’s average $27.66/t oz.
During last week, the average daily percent change of gold reached 0.17%; silver edged up by an average 0.19%.
As seen below, the chart shows the changes of precious metals, as their rates normalized to 100 to August 3rd. Bullion prices edged up during most of the week.
The second chart shows the daily percent changes of precious metals (or in other words the changes around the trend). Silver rose on Monday and Tuesday. Gold rose during most of the week except on Tuesday. During last week precious metals daily percent changes ranged between nearly 0.8% gain and 0.21% loss.