Gold & Silver Prices zigzagged all week – weekly recap 7-11 March

Last week’s precious metals showed erratic fluctuations, as gold and silver prices zigzagged during the week with no clear trend. gold prices even reached the lowest level for the month of March, while silver prices on the other hand, passed for the first time the 36$/ t. oz. – the highest level in years. In the end silver prices rose a bit and gold price declined a bit.

Some attribute the ongoing rise in gold and silver prices to debt crisis in Europe; others consider the gold price (and also silver) to be affected by the Indian rupee, as India is the largest consumer of gold worldwide. In any case, this week didn’t show a clear path for these precious metals to go on.

It will remain to be seen how the recent tsunami attack on the east coast of Japan will affect the precious metal market. It might further shift additional funds to gold and silver as the uncertainty in the Far East will continue.

For more on what to expect ahead for gold price see here.

Let’s see the main changes for these precious metals prices for the week ending in March 11th:


Precious Metals Prices Analysis:

The following table is a summary of last week’s descriptive figures of gold and silver prices:



table Current gold prices and silver prices - 7-11 of March

*This figure is calculated based on the percent change from the price at the beginning of the week compare to end of the week


Gold prices zigzagged all week as they have moderately declined by 0.89% from beginning to end of the week; however, this week’s average price was 1,425 USD /t. oz – a 0.03% above last week’s average weekly price of 1,424 USD /t. oz.

Silver prices, have inclined by 0.2% from beginning to end of the week, and increased by 3.4% from this week’s average price of 35.71/$/t oz., compare to 34.55$/t oz. in the previous week.

On average, gold price declined by 0.09% on a daily basis, while silver inclined by 0.36%.

During March gold prices rose by nearly 0.8%, while silver prices increased by 6.3%.

The price of silver and price of gold chart below are normalized to 100 to the price at the beginning of the week – March, 7th.



price of gold chart and silver prices chart 7-11 of March

The graph shows how both these precious metals zigzagged all week with no apparent trend.

In the last chart are the daily percent changes of silver and gold prices during last week.



price of gold chart and silver prices chart 7-11 of March percent change



For further reading (in this site):

Previous issues of weekly report: