Although gold and silver soared last week, with gold to a record new high, they both declined as the week came to an end. Gold surpassed the $2000 USD ($2794.08 AUD) price last week, and set new records for Gold in both USD and AUD. Silver prices, which have been proven to rise tremendously in the past, often following a strong and sustained gold price rally, also went up as well.

Widespread media coverage among other factors like low real yields and the weakened US dollar, remain to be the major causes of the metals’ price surge.

Daily Summary

Monday 3rd August 2020: The first day of the week ended with gold trading at $1972.89 USD ($2756.20 AUD) per ounce whereas silver traded at $24.25 USD ($33.90 AUD) per ounce.

Tuesday 4th August 2020: Both metal prices sprang up quickly on Tuesday, with gold recording a 2.52% increase to attain a price of $2022.66 USD ($2825.73 AUD). Silver managed an 8.25% increase to hit $26.25 USD ($36.67 AUD).

Wednesday 5th August 2020: Wednesday saw silver increase by 2.86% as it rallied to $27.00 USD ($37.72 AUD). Gold’s price at the close of the day was $2052.00 USD ($2866.72 AUD) – an increase of 1.45% from the previous day.

Thursday 6th August 2020: Silver continued with its upward trend to rally above $28.00 USD ($39.12 AUD) whereas gold closed the day at a record high of $2089.20 USD ($2918.70 AUD) on Thursday.

Friday 7th August 2020: On Friday, silver almost managed $30.00 as it recorded a multi-year high of $29.85 USD ($41.70 AUD). However, it fell by 7.74% from this record-high to $27.54 USD ($38.5 AUD) at the close of the day. Gold also declined by 2.6% through $2034.90 USD ($2842.83) to settle at $2028.00 USD ($2833.20 AUD).

Sam Grant

https://www.linkedin.com/in/sammie-grant/