Gold and silver continued to recover from the downward trend of December and presented strong numbers during the first couple of weeks of 2012. The ECB’s decision to keep the Euro interest rate unchanged may have helped keep the Euro strong during the week and consequently may have contributed to the rally of gold and silver. But by the end of week the announcement of S&P cutting the credit rating of France to AA+ dragged down the Euro along with commodities prices.
Gold inclined during the second week of 2012 by 0.87%; furthermore, during last week the average gold price reached $1,631.54 /t. oz which is 1.76% above the previous week’s average price of $1,603.38 /t. oz. Gold finished the week at $1,630 /t. oz.
Silver, much like gold, rose during the week by 2.93%; this week’s average price reached 29.63/t oz which is 2.47% above the previous week’s average $28.91/t oz.
In the following chart is the development of silver and gold, which were normalized to 100 to the end of last week – January 6th. Gold and silver continued their upward trend during most of the week.
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