Gold, Silver Bounced Back A Little Bit to Close the Week At A Loss
Gold recovered slightly to $4,348 per troy ounce after the end of the trading session on Friday, whereas silver went up to $64.49 per troy ounce in the same session. This marked slight recovery to the precious metals, although overall it's still a bad week for both.
Friday has been a slight relief for the precious metals where both gold and silver recovered slightly (gold ~0.72% and silver ~1.43%). Platinum and Palladium also recovered by about 0.08% and 1.79% each.
The rise of these precious metals have been only slight recovery though, after a tough Thursday, and overall, a tough week for both the metals and equity market. Overall, gold closed with -1.82% in the past 7 days, while silver closed with -2.6% in the same time period.
The inflation numbers that came earlier in the midweek were not so good. On the other hand, preliminary University of Michigan consumer sentiment collapsed to 47.8 from 51.7 in August, far below the 51 consensus. Brent crude and WTI prices have also impacted the overall market health, where both of them have been up by over 7% in the past 7 days alone, although they slowed down a little bit in today's trading session. It remains to be seen whether the precious metals can hold their ground before the Fed's decision next week.
Related assets: Gold, Silver, Palladium, Platinum