Precious metals resumed their rally and hiked during most of the week especially on the last day of the week, following the publications of the U.S labor report, in which only 96k jobs were added – many anticipated the number will be around 120k. This news may have contributed to the renewed expectations of recent weeks that another quantitative easing plan might be announced by the FOMC next week in the upcoming FOMC meeting. Despite the recent rise of precious metals prices, I still think it's too early to expect another QE program. There were several other reports that were published during last week, such as U.S manufacturing PMI that many have had a modest impact on precious metals. ECB left rate unchanged at 0.75% but ECB did introduce its bond purchase plan that is waiting for the final approval of Germany and Spain next week.
Gold hiked during last week by 3.13%; further, during said time the average rate reached $1,704.74 /t. oz which is 2.04% above the previous week's average rate of $1,670.6 /t. oz. Gold finished at $1,740.5 /t. oz.
Silver sharply rose on a weekly scale by 7.15%; further, the average rate increased by 4.93% to reach $32.51/t oz compared to the previous week's average $30.98/t oz.
During last week, the average daily percent change of gold reached 0.62%; silver rose by an average 1.4%.
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