Gold and silver recorded a huge comeback during last week after they had slipped a week earlier. The EU debt crisis was the centre of attention during last week as there were two EU summits and in the second one the EU countries reached and agreement. This agreement among EU leaders to deal with the debt crisis eased the concerns of many traders and helped push Forex, commodities and stocks markets up. The news of the U.S. GDP grew by 2.5% during the third quarter of 2011 may have also helped push commodities up including gold and silver.
Gold sharply rose by 5.74% during the week; furthermore, this week’s average gold of $1,714 /t. oz was higher by 4.20% than the previous week’s average price of $1,645 /t. oz. Gold finished the week at $1,747 /t. oz.
Silver, much like gold, sharply inclined during the week by 11.52%, and this week’s average price was 33.68/t oz or 7.67% above the previous week’s average $31.28/t oz.
During the week, the average daily per cent change of gold increased by 1.33%; silver inclined by an average daily rate of 2.52%.
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 silver had two peaks: on Tuesday and Thursday, while gold sharply has only one peak – on Tuesday.
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