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Last update: Thu 23rd May 2024 00:08 (Melbourne)
Gold: $3,614.44 AUD     $2,401.74 USD Silver: $47.16 AUD     $31.34 USD

Week In Review: The price correction continues [17th to 21st Aug 2020]

gold news week review 17 to 21 august 2020

The rapid movement of the US dollar this week has put some pressure on both gold and silver. The precious metals temporarily recovered from their lows as a result of investors wanting to buy the pull-back.

Silver and gold prices went back and forth during the week, with silver almost managing the $28 mark. The US dollar movement remains to be the element playing the main role in the price of the metal. Another element in play is market participants looking to sell the metals.

Daily Summary

Monday 17th August 2020

Gold failed to hold at $2,000 at the start of the week. The metal settled at $1983.16 USD ($2762.45 AUD) whereas silver held up at $27.35 USD ($38.10 AUD) at the close of the day.

Tuesday 18th August 2020

Silver had an upward trend and tried to rise above $28 mark due to a weak US dollar. By close of the day, silver had settled at $27.89 USD ($38.85 AUD) moving up by 1.97%. Gold managed to get over $2000 trading at $2005.29 USD ($2793.27 AUD) – a 1.116% increase.

Wednesday 19th August 2020

Both metals fell on Wednesday. Gold returned to the under $2000 level dropping by 3.43% to $1936.45 USD ($2697.38 AUD). Silver, on the other hand, fell by 3.84% to $26.82 USD ($37.36 AUD).

Thursday 20th August 2020

The metals rebounded from their previous day’s level. Gold had a 0.6% increase moving to $1948.32 USD ($2713.92 AUD). Silver managed a 1.9% increase to get back to its $27 level trading at $27.33 USD ($38.07 AUD).

Friday 21st August 2020

The new trend was short-lived once again as gold fell by 0.55% to $1937.61 USD ($2699 AUD) on Friday. Silver also had a similar path losing by 2.05% to trade at $26.77 USD ($37.29 AUD) by end of the day.

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