Gold and silver changed direction throughout the week with no clear direction. The sharp appreciation of the US dollar against major currencies including the Euro throughout most of the week may have pushed gold and silver prices to trade down, while the decline of the US stock markets may have affected gold and silver to remain high. The ECB rate decision and the revised down Euro Area economic outlook of the ECB didn’t help much in easing the concerns of traders and only further weakened the Euro. By the end of the week gold and silver didn’t change much form their initial price level at the beginning of the week.
Gold slightly fell by 0.74% during the week; on the other hand, this week’s average gold of $1,851 /t. oz inclined by 1.10% from the previous week’s average price of $1,831 /t. oz. Gold finished the week at $1,859.5 /t. oz.
Silver, much like gold, also declined by 0.58% from beginning to end, but this week’s average price was $41.91/t oz or 0.54% above the previous week’s average $41.69/t oz.
During the week, the average daily per cent change of gold increased by -0.22%; silver also declined by 0.83%.
Gold started off the week with a very sharp fall; afterwards it had a slow ascent back to its initial prices level from the beginning of the week. Silver on the other hand, sharply rose on Thursday only to fall back the following day. Silver also finished the week very close to its price level from the beginning of the week.
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