The two precious metals had another bad week with gold seeing the second month of losses. The yellow metal fell below $1740 USD after shedding 4.2% by Friday. Gold has now given up almost $200 since the start of the year. The Silver market assumed a similar path, losing more than 5% by the end of the week.

Monday 22^nd

The metals both recorded substantial gains on last week Friday’s price. Gold managed to break above $1800 perching a week high of $1,811.06 USD ($2,335.59 AUD). Silver pushed above the $28 level, settling at $28.23 USD ($36.41 AUD).

Tuesday 23^rd

Monday’s brilliant start didn’t last as the gains paused ahead of a statement from the Fed chairman Jerome Powell. Gold lost 0.26% moving down to $1,806.41 USD ($2,329.60 AUD). Silver dropped below the $28 level following a 1.84% dip to $27.71 USD ($35.74 AUD).

Wednesday 24^th

The market remained nearly unchanged for most of Wednesday. Gold gave up $3.34 dropping to $1,803.07 USD ($2,325.28 AUD). Despite a 0.79% gain, the resilient silver couldn’t turn around its price to reach $28, settling at $27.93 USD ($36.02 AUD) instead.

Thursday 25^th

Both metals took a major hit with the gold’s price tumbling 1.75% to $1,771.47 USD ($2,284.53 AUD). Silver’s price moved even further away from $28 after a 1.29% plunge to $27.57 USD ($35.55 AUD).

Friday 26^th

The precious metals continued trading in the red on the last day of the week. The yellow metal settled at around $1,734.60 USD ($2,236.98 AUD) – down 2.08% on its Thursday price. Silver’s price fell to $26.68 USD ($34.41 AUD) after a 3.23% slump.

Sam Grant

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