Gold and silver prices shifted direction last week and fell for three straight days; this shift is after gold price rose for ten straight business days; silver price inclined for only four straight days, but during July 1st up to July 18th silver price gained 19.7% to its value. By the end of the week both silver and gold prices nearly didn’t change compared to the beginning of the week.
Here is a short review of the changes in gold and silver prices during the week of July 18th to July 22nd 2011:
Precious Metals Prices weekly summary:
Gold price nearly didn’t change and declined by only 0.06% during the week; furthermore, last week’s average gold price reached $1,597 /t. oz which was 1.43% above the previous week’s average price of $1,575 /t. oz. Gold price finished the week at $1,601 /t. oz.
Silver price also very moderately declined by 0.55% from beginning to end, but this week’s average price was $39.84/t oz or 6.38% above the previous week’s average $37.45/t oz.
During the week, the average daily percent change of gold price rose by 0.14%; silver price inclined on a daily scale by an average of 0.56%.
In the chart below are the silver and gold prices that were normalized to 100 to the price at the beginning of the week – July 18th. It shows the trend of these precious metals prices.
In the chart above silver and gold prices started the week with moderate falls that escalated on July 21st; by Friday, July 22nd, gold and silver prices changed direction and sharply inclined; by doing so they gained back nearly all that they have lost during the week.
The last chart is of the daily percent changes of silver and gold prices during last week (i.e. the changes around the trend). The chart shows that gold and silver prices rose very sharply at the beginning and the end of the week, but during the week they both declined.
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Previous issues of weekly report: