The precious metals struggled to get to the right track after a poor start. The news about the US President Donald Trump testing positive for COVID-19 provided some support, but the impact was little as the US dollar strengthened against other currencies. Gold moved to $1900 at the end of the week as Silver managed to hit $24, its highest level during the week.

Summary

Monday 28^th September 2020

Both metals started off somewhat fairly, with gold trading at $1879.46 USD ($2620.32 AUD). Silver settled at $23.64 USD ($32.96 AUD) at the close of trading.

Tuesday 29^th September 2020

Tuesday was a much better day for the metals as they both saw price increases. Gold moved up 1% to $1898.22 USD ($2646.48 AUD). Silver jumped up by 2.71% to settle at $24.28 USD ($33.85 AUD).

Wednesday 30^th September 2020

Gold, yet to hit the $1900 level, fell by 0.54% to $1887.98 USD ($2632.20 AUD). Silver prices also dropped by 3.83% to fall below the $24 level and settle at $23.35 USD ($32.55 AUD).

Thursday 1^st October 2020

Once again, the haven metals tried to recover. Gold posted a 0.98% upswing going beyond $1900 to settle at $1906.57 USD ($2658.12 AUD). Silver moved up to $23.87 USD ($33.28 AUD) – just short of $24 after gaining by 2.23%.

Friday 2^nd October 2020

Gold and silver prices took a slight dip on the last day of the week. Gold managed to stay just above $1900, settling at $1900.27 USD ($2649.34 AUD) after decreasing by 0.3%. Silver prices also fell by 0.67% to $23.71 USD ($33.06 AUD).

Sam Grant

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