Gold and silver continue to seek direction and zigzagged throughout most of the week; eventually gold and silver prices slightly inclined on a weekly scales. The U.S. retails sales report that showed a rise in September may have helped the US stock markets rally along with major commodities prices’. The minutes of the last FOMC meeting was published last week and showed the FOMC members’ grim outlook of the US economy, but also the possibility of an additional stimulus plan in the near future. This news may have also affected precious metals’ traders during last week. The ongoing speculation around the European debt crisis continues to pull the markets in different directions and also may have influenced gold and silver traders throughout the week.
Gold slightly inclined by 0.73% during the week; furthermore, this week’s average gold of $1,673 /t. oz was higher by 2.14% than the previous week’s average price of $1,638 /t. oz. Gold finished the week at $1,683 /t. oz.
Silver, much like gold, moderately increased during the week by 0.60%, and this week’s average price was 32.12/t oz or 4.47% above the previous week’s average $30.75/t oz.
During the week, the average daily per cent change of gold increased by 0.58%; silver inclined by an average daily rate of 0.78%.
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