Precious metals prices changed directions several times during the week only the end it not much different from the end of last week's prices. There were many reports and events that affected not only the bullion market, but also other commodities markets such as oil. Gold and silver had started the week strong but then changed direction and declined. The U.S manufacturing PMI edged up but continued to show contraction in the manufacturing sector. This news may have adversely affect commodities rates. On Wednesday the FOMC announced it won't change its monetary policy. The bullion rates declined the following day. I have referred I in a recent article on the relation between the monetary policy of the Fed and gold and silver prices. On Friday the non-farm payroll report came out – employment grew by 163k – higher than expected. This news rallied the forex and commodities markets.
Gold declined during last week by 0.83%; on the other hand, during said time the average rate reached $1,609.18 /t. oz which is 0.41% above the previous week's average rate of $1,602.68 /t. oz. Gold finished at $1,622.7 /t. oz.
Silver, unlike gold, rose on a weekly scale by 1.1%; further, the average rate rose by1.1% to reach $27.66/t oz compared to the the previous week's average $27.25/t oz.
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