Precious metals zigzagged throughout the week with an unclear trend despite the deprecation of the Euro and other "risk currencies" during last week. There were several reports that were published during the previous week: the U.S GDP growth rate was revised down to 1.3%; U.S new home sales declined in August by 0.3%; U.S consumer confidence index rallied in September; U.S jobless claims declined by 26k to 359k. This mixed signal regarding the development of the U.S economy may have contributed to the unclear trend in major commodities markets. In Europe, the recent developments in Greece, Spain and Italy that included riots against austerity measures may have helped drag down not only bullion rates but also the Euro.
Gold edged down during last week by 0.26%; further, during said time the average rate reached $1,767.8 /t. oz which is also 0.26% below the previous week's average rate of $1,772.34 /t. oz. Gold finished at $1,773 /t. oz.
Silver, much like gold, declined on a weekly scale by 0.18%; further, the average rate decreased by 1.09% to reach $34.22/t oz compared to the previous week's average $34.6/t oz.
During the previous week, the average daily percent change of gold reached -0.04%; silver edged down by an average 0.03%.
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