The haven metals had, yet again, another dramatic week. Both metals recorded heavy dips as the week came to an end, wiping away early gains. The Friday slump came as sell-off pressure among investors intensified. Here is the summary:

Monday 18^th

The metals had a fairly bright start to the week following a massive descent from the previous week. Gold traded at $1,836.28 USD ($2,387.85 AUD) at the close of trading, with silver finding stability at $24.96 USD ($32.46 AUD).

Tuesday 19^th

The upcoming inauguration for President-elect Joe Biden did little to change the tides in the metals market. Gold managed a meagre 0.22% gain to move up to $1,840.40 USD ($2,393.21 AUD). Silver recorded a 1.04% jump, cutting above the $25 USD level to settle at $25.22 USD ($32.80 AUD).

Wednesday 20^th

Both metals rebounded strongly as promising stock indexes offered little resistance to the bullish path. Gold moved above $1850 USD and settled at $1,871.61 USD ($2,433.79 AUD) following a 1.7% upswing. A 2.6% upsurge saw silver climb up to $25.88 USD ($33.65 AUD).

Thursday 21^st

Silver touched the $26 USD price figure early on Thursday but struggled to stay at the level, instead sinking to $25.94 USD ($33.73 AUD). Gold shed 0.09% off its previous day’s price moving down to $1,870 USD ($2,431.70 AUD).

Friday 22^nd

The precious metals traded lower on the last day of the week, failing to capitalise on the US stock market’s solid losses. Silver dropped to $25.46 USD ($33.11 AUD) after posting a 1.85% dip. Gold spent most of Friday downslope, losing 0.84% to settle at $1,854.34 USD ($2,411.33 AUD).

Sam Grant

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