Week In Review: Gold, silver prices lose momentum as the week ends [19th to 23rd Oct 2020]
It was another one of those weeks where gold and silver gained upward momentum at the start of the week but tumbled at the end. The prices of the metals were mainly influenced by the movement of the US dollar.
No price surprises were witnessed this week as gold traded around the $1,900 mark and silver stayed around the $24 level. With no other major catalyst around the corner, the US election could be the only upcoming driver that will impact the prices of the precious metals.
Summary
Monday 19th, 2020
Gold started fairly, trading at $1,903.22 USD ($2,682.5 AUD) at the close of the day. Silver seemed to have picked off from the previous week trading at $24.41 USD ($34.40 AUD).
Tuesday 20th, 2020
Both metals saw a slight upturn on Tuesday. Gold moved up by 0.30% to settle at $1,908.87 USD ($2690.46 AUD). Silver gained by 1.18% moving to $24.70 USD ($34.81 AUD).
Wednesday 21st, 2020
Gold jumped to its week high of $1,925.61 USD ($2,714.05 AUD) after a 0.88% upswing – its biggest swell throughout the week. Silver managed to get above the $25 mark settling at $25.07 USD ($35.33 AUD) – a 1.5% leap.
Thursday 22nd, 2020
The prices of the haven metals nosedived for the first time during the week. Gold price dropped to $1,905.95 USD ($2686.34 AUD) at the close of the day after losing 1.02%. Silver lost 1.36% to fall below the $25 mark and settle at $24.73 USD ($34.86 AUD).
Friday 23rd, 2020
The metal prices fell for a second consecutive day. Gold lost 0.16% to trade at $1,902.82 USD ($2,681.93) whereas silver dropped to $24.61 USD ($34.7 AUD) after losing 0.49%.
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