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Week In Review: Gold & Silver markets struggle amid growing news of Covid-19 vaccine [16th to 20th Nov 2020]

gold news week review 16 november 20 november 2020

The precious metals grappled with staying afloat this week. Gold struggled to hit $1,900 but couldn’t go beyond its price on Monday. Silver had a similar development throughout the week as it saw investors giving it the cold shoulder.

Analysts believe the price dip was a result of the upcoming rollout of Covid-19 vaccines. Although many investors threw in the towel on gold and silver, the metals managed to rally a bit on Friday closing the week on solid footing after investors started coming back.

Monday 16th

Gold traded at $1889.42 USD ($2577.85 AUD) at the close of Monday- its highest price point throughout the week. Silver opened the week trading at $24.76 USD ($33.78 AUD).

Tuesday 17th

The prices of both metals declined on Tuesday. Gold lost 0.39% to trade at $1882.07 USD ($2567.82 AUD) whereas silver posted a 1.05% dip to $24.50 USD ($33.43 AUD).

Wednesday 18th

The haven metal’s marketplace remained on the same course on Wednesday. Gold’s price dropped even further by 0.52% to $1872.27 USD ($2554.45 AUD). It was a similar case with silver, whose price fell by 0.735% to $24.32 USD ($33.18 AUD).

Thursday 19th

Thursday saw the metals post their biggest slump of the week. Gold’s price sank to $1861.25 USD ($2539.41 AUD) after a 0.6% decrease. For the first time during the week, Silver fell below $24 after losing 1.7% to settle at $23.91 USD ($32.62 AUD).

Friday 20th

Both metals were on the recovery path on the last day of the week. Gold rose by 0.53% to trade at $1871.15 USD ($2552.92 AUD). Silver climbed above the $24 level to settle at $24.17 USD ($32.98 AUD) after a 1.10% gain.

gold news week review 16 november 20 november 2020

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