Gold reached new highs last week as they have inclined very sharply during the first half of the week. But on Thursday and Friday gold price changed direction and declined mainly due to the CME margin hike of 22% on gold trading. This news curbed some of the gains attributed to gold prices. Silver price took a different path and fell very sharply during the first half of the week; by the end of the week it gained back some of its losses, but still ended below its starting point. There are still concerns in the financial markets that might push gold and silver prices up, as the volatility in the markets is high over the debt crisis in Europe and the news of S&P downgraded the credit rating of the US.
Here is a short review of the changes in gold and silver during the week of August 8th to August 12th 2011:
Gold inclined by 1.72% during the week; furthermore, last week’s average gold reached $1,746 /t. oz which was 5.96% above the previous week’s average price of $1,648 /t. oz. Gold finished the week at $1,742 /t. oz.
Silver on the other hand declined by 0.68% from beginning to end, and this week’s average price was $38.87/t oz or 2.23% below the previous week’s average $39.76/t oz.
During the week, the average daily per cent change of gold price rose by 1.1%; silver also inclined by 0.51%.
For further reading: Gold & Silver Prices – Daily Outlook August 12