Gold and silver kept their upward trend they have had during most of the first month of 2012. Despite the announcement over the last weekend by S&P to downgrade France and several other EU countries’ credit rating, France and Spain didn’t seem to have a problem selling their bonds during the week. The Euro and other “risk” currencies appreciated against the U.S. dollar during last week. This, in turn may have been among the factors keeping gold and silver rising during most of the week. The recent American reports including the U.S. housing starts and the U.S. Producer Price Index had declined; these reports may have also helped rally precious metals during the week.
Gold rose during last week by 2.04%; furthermore, during last week the average gold reached $1,658.5 /t. oz which is 1.65% above the previous week’s average price of $1,631.54 /t. oz. Gold ended the week at $1,664 /t. oz.
Silver, even more than gold, sharply increased during last week by 7.29%; this week’s average price reached 30.72/t oz which is 3.68% above the previous week’s average $29.63/t oz.
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