Gold and silver eased down and even slightly inclined on the closing week of September after they had endured one of their worst weeks (in regards to their performance) a week earlier. On the closing week of September the bullion market didn’t make any substantial comeback, as gold and silver just held to their low prices. The effect of the CME margin hike and the FOMC purchase plan from two weeks back still seems to resonate in the precious metals’ market.
The recent talks among European policymakers to expand the bailout plan may have helped the recovery of the US and European stock markets during most of the week, and appreciating the Euro against the USD until the last day of the week. These events, however seem to have had little effect on the bullion market during the week.
Gold slightly inclined by 1.72% during the week; this week’s average gold of $1,621 /t. oz sharply declined by 7.66% from the previous week’s average price of $1,755 /t. oz. Gold finished the week at $1,622.3 /t. oz.
Silver, much like gold, also moderately increased by 0.36% from beginning to end, and this week’s average price was 30.45/t oz or 18.22% below the previous week’s average $37.46/t oz.
During the week, the average daily per cent change of gold decreased by 0.19%; silver inclined by a very moderate daily rate of 0.04%.
In the chart above gold and silver started the week sharply rising, but soon after they declined; in the last couple of days of the week they moderately fluctuated.
The last chart is of the daily per cent changes of silver and gold (or in other words the price changes around the trend). It shows that gold and silver had sharp fluctuations during the first few days of the week, but during the second part of the week their volatility sharply declined.
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