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Week In Review: Gold holds relatively steady as silver dances around a consistent level [14th Sep to 18th Sep 2020]

gold news week review 14 sep 18 sep 2020

The price of precious metals this week remained relatively flat. Silver prices went back and forth during the week but remained around the $27 mark for the larger part. Gold saw a few movements as investors sought to react to the Fed’s monetary policy decision that was set for Wednesday.

Monday 14th September 2020

Gold opened the week at a flat level of $1956.73 USD ($2673.48 AUD) as investors took a cautious path awaiting the Federal Reserve’s decision. Silver managed to hit the $27 level and settle at $27.15 USD ($37.09 AUD).

Tuesday 15th September 2020

Both Gold and Silver held steady ahead of the Wednesday’s monetary policy meeting that was expected to give a clear direction. Gold price fell slightly by $1.13 to $1955.60 USD ($2671.93 AUD) whereas Silver moved up by $0.01 to $27.16 USD ($37.11 AUD) at the close of the day.

Wednesday 16th September 2020

Gold prices went up before retreating to $1958.75 USD ($2676.24 AUD) – a 0.16% increase from Tuesday. Silver kept dancing around the $27 level settling at the same $27.16 USD ($37.11 AUD).

Thursday 17th September 2020

The increasing strength of the US dollar pushed Gold prices down by 0.7% on Thursday. The Fed’s pledge to hold interest rates near zero, however, limited losses as it settled at $1945.06 USD ($2657.53 AUD). Silver had a similar downward trend settling at $27.06 USD ($36.97 AUD) – a 0.36% decline.

Friday 18th September 2020

Gold pushed for a recovery from its losses as it moved up by 0.254% to $1950.00 USD ($2664.28 AUD). Silver, on the other hand, saw a further 1.1% drop to $26.76 USD ($36.56 AUD) by the end of the week.

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