Gold and silver prices decline amid weakening market trends

Gold and silver prices have experienced a notable decline over the past week. In the German market, the average price for a one-ounce Krugerrand gold coin fell to approximately 3,982 euros, representing a 1.58 percent decrease compared to the previous week. Despite the drop in spot prices, premiums for bars and coins have seen a slight increase. For instance, the premium for Krugerrand coins rose from 3.20 percent to 3.60 percent.

Silver prices also trended downward, with Maple Leaf and kilobar silver bars decreasing by 2.56 percent and 2.93 percent, respectively. The Euro gold rate fell by 2 percent to 3,843.94 euros per ounce during the same period.

Technical market analysis indicates a weakening trend for gold. The price closed the trading week at 4,429.40 USD, facing continued selling pressure. Analysts suggest a bearish scenario holds a 55 percent probability for the upcoming week, noting that a sustained bullish reversal would require a daily closing price above 4,696.30 USD.