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Last update: Thu 23rd May 2024 01:23 (Melbourne)
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Week In Review: Gold and silver markets benefit from a lower US dollar [2nd to 6th Nov 2020]

gold news week review 2 november 6 november 2020

The precious metals posted massive gains at the end of the week despite some back and forth movement early in the week. The falling US dollar was the most notable driving force for the price rallying amid ongoing political turmoil in the US.

Gold’s price trend seemingly suggests a new multi-month advance. Industry experts believe that the US dollar will remain key in determining the precious metals’ path in the coming weeks.


Monday 2nd

Both markets started on a solid footing, with gold trading at $1895.72 USD ($2597.14 AUD). Silver settled just above the $24 level at $24.09 USD ($33 AUD).

Tuesday 3rd

Gold and silver surged following a good start on Monday. Gold climbed to $1914.17 USD ($2622.41 AUD) after gaining 0.97%. Silver moved up by 1.35% to $24.42 USD ($33.46 AUD).

Wednesday 4th

The metals briefly fell on Wednesday, with silver suffering the bigger loss. Gold dropped by 0.48% to $1904.90 USD ($2609.7 AUD), and silver plunged to $23.92 USD ($32.77 AUD) after a 2.05% dip.

Thursday 5th

Gold and silver were back on track and continued rallying amid a weaker US dollar. Gold price rose to $1944.95 USD ($2664.58 AUD) after a 2.1% upswing. Silver broke above the $25 level to trade at $25.11 USD ($34.4 AUD) following a 4.97% jump.

Friday 6th

The upward momentum continued on Friday, with gold gaining 0.37% to settle at $1952.19 USD ($2674.5 AUD). Silver’s price, on the other hand, moved up to $25.63 USD ($35.11 AUD) after a 2.07% increase.

gold news week review 2 november 6 november 2020

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