Gold and silver prices started July with sharp rises during last week; the recent ECB rate raise might have curbed the rally of gold price, but the disappointing US labor report probably titled the scales back to push gold and silver prices up.
Here is a short review of the changes in gold and silver prices during the week of July 5th to July 8th 2011:
Precious Metals Prices weekly summary:
*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 price increased by 1.91% during the week; furthermore, gold’s average price was $1,528 /t. oz which was 2.01% above the previous week’s average price of $1,498 /t. oz. Gold price finished the week with a $1,541 /t. oz.
Silver price also inclined by 3.2% from beginning to end, and this week’s average price was $36.08/t oz or 5.78% above the previous week’s average $36.54/t oz.
During the week, the average daily percent change of gold price rose by 0.98%; silver price inclined on a daily scale by an average of 2.06%.
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 5th. It shows the trend of these precious metals prices.
In the chart, gold and silver prices rose very sharply mainly during the first half of the week.
The last chart shows the daily percent changes of silver and gold prices during last week (i.e. the changes around the trend). The chart presents that gold and silver prices started the week with very sharp rises mainly on July 5th, and then their daily percent changes fell very sharply until they declined to nearly 0% .
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