The movement of gold and silver remains unclear as both precious metals prices fell at the first half of the week only to bounce back and finish the week strong. The sharp depreciation of the US dollar against leading currencies including the Aussie dollar and Japanese yen may have contributed to the recovery of gold and silver prices. By the end of the week, the Euro slightly rose by 0.5% against the USD; the Aussie dollar jumped by 3.38% against the USD and the yen depreciated by 0.74%. The decision of RBA to cut its rate by 0.25 pp may have pulled up the Aussie dollar as this decision was anticipated. In the U.S, jobless claims rose by 5k to reach 333k.
Here is a short review of the latest developments in precious metals prices between August 5th and August 9th:
Precious Metals Review:
The price of gold slightly rose by 0.18% last week; conversely, during last week, the average price reached $1,298.52 /t. oz which was 1.42% below last week’s average rate of $1,317.20 /t. oz. Gold ended the week at $1,312.50 /t. oz.
During last week silver price, even more than gold price, rose by 2.45%; further, the average weekly rate was $19.87/t oz, which was 1.96% below last week’s rate $19.74/t oz.
During last week, the average daily percent shifts of gold were 0.041%; silver had an average daily change of 0.498%.
The chart below presents the changes in precious metals prices, in which they are normalized to 100 as of August 2nd. Gold and silver prices fell at the first few day of the week only to rally by the end.
The second chart presents the daily percent shifts of precious metals prices (or in other words the shifts around the trend). Silver and gold fell on Monday and Tuesday only to hike on Thursday. Precious metals prices daily percent changes ranged between 3.5% gain and 1.5% decline.
For more on gold – check out Gold Council’s site
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