Gold and silver started July with sharp rises during last week; the recent ECB rate raise might have curbed the rally of gold price, but the disappointing US labour report probably titled the scales back to push gold and silver up.
Here is a short review of the changes in gold and silver during the week of July 5th to July 8th 2011:
Precious Metals Prices weekly summary:
Gold increased by 1.91% during the week; furthermore, gold’s average price as of last week was $1,528 /t. oz which was 2.01% above the previous week’s average price of $1,498 /t. oz. Gold finished the week with a $1,541 /t. oz.
Silver price also inclined by 3.2% from beginning to end, and this week’s average price was $36.08/t oz or 5.78% above the previous week’s average $36.54/t oz.
During the week, the average daily per cent change of gold rose by 0.98%; silver inclined on a daily scale by an average of 2.06%.
In the chart below are the silver and gold that were normalized to 100 to the price at the beginning of the week – July 5th. It shows the trend of these precious metals prices.
In the chart, gold and silver rose very sharply mainly during the first half of the week.
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