Gold and Silver Rally by Over 20% in Week-Ending Market Movements
The gold and silver markets experienced significant price movements last week, with both metals rising by over 20%.
In Shanghai on Friday morning, the gold price began to climb as soon as the market opened. However, its rise was temporarily halted at the noon silver fix in London before resuming upward momentum after the non-farm payroll number was released at 8:30 a.m. EDT. The metal's price continued to fluctuate throughout the day but ultimately closed in New York on Friday afternoon at $4,341.30 spot, up $101.40 from the previous day.
Silver also saw a two-step higher rally in the Far East and early Globex trading in London before being sold lower until the non-farm payroll number was released. Like gold, silver's price continued to fluctuate throughout the day but ultimately closed at $63.46 spot, up $2.06 from the previous day.
The gold/silver ratio worked out to 68.4 to 1 on Friday compared to 69.1 to 1 on Thursday. The dollar index finished the trading session in New York at 99.54, down 39 basis points from its close on Thursday. The yield on the ten-year Treasury cratered at 8:30 a.m. EDT but crawled quietly higher until around 11:12 a.m. EDT before being forced to trade very quietly sideways for the rest of the day.