The precious metals kicked off the new months with three consecutive gains before gold’s price dipped at the end of the week. The daily gains pushed both metals’ prices up after a poor session at the start of the week.

The weak US dollar, which hit a two and half year low on Wednesday, was the price surge’s key driver. It is hard to determine if this is the start of a bull run, especially for gold, or just recovery action after several price drops last week.

Monday 30^th

The session on the last day of November was a tough one as both metals started off poorly. Gold traded at $1777.39 USD ($2392.78 AUD), whereas the grey metal settled at $22.61 USD ($30.44 AUD).

Tuesday 1^st

The first day of December saw both metals gain strong upside momentum. Gold got back above $1800, settling at $1811.51 USD ($2438.71 AUD) following a 1.91% leap. Silver posted a 5.31% upswing, moving to $23.81 USD ($32.05 AUD).

Wednesday 2^nd

It was another great day for the haven metals. Gold’s price increased by 1.06% to $1830.69 USD ($2464.54 AUD). Silver finally managed to get above the $24 level after gaining 1% to climb to $24.05 USD ($32.38 AUD).

Thursday 3^rd

The price rally was weak on Thursday compared to the previous two days. Silver’s slight gain of 0.04% saw it move up to $24.06 USD ($32.39 AUD). Gold managed a 0.57% leap to settle at $1841.16 USD ($2478.62 AUD).

Friday 4^th

Gold’s price dropped by 0.18% to $1837.77 USD ($2474.06 AUD) on Friday after a series of gains for the larger part of the week.  Silver stayed its course, gaining 0.54% to jump to $24.19 USD ($32.57 AUD).

Sam Grant

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