A rally in the stock market and the positive vaccine news set off a price slump in Gold and Silver markets. Both metals struggled to recover after a poor start on Monday. The weak US dollar barely provided enough support to keep the metals afloat. Gold suffered the biggest dip hitting a five-month low as the week came to an end. Silver’s case wasn’t any different as it lost points as well, touching a two-month low.

Monday 23^rd

Gold traded at a low $1,837.23 USD ($2,487.84 AUD) at the close of trading on Monday. Silver started the week below $24, trading at $23.58 USD ($31.93 AUD)

Tuesday 24^th

Both metals were down on Tuesday, with Gold losing 1.70% of its Monday’s price to settle at $1,805.94 USD ($2,445.47 AUD). Silver’s price fell to $23.25 USD ($31.48 AUD) following a 1.40% drop.

Wednesday 25^th

The metal markets had very little price activity on Wednesday. Gold gained 0.07% to move up to $1,807.21 USD ($2,447.19 AUD). Silver saw a slight 0.43% gain to settle at $23.35 USD ($31. 62 AUD).

Thursday 26^th

Gold’s price increased by 0.13% following a fairly positive trading session on Thursday to reach $1,809.52 USD ($2,450.32 AUD). Silver, on the other hand, lost 0.52% to drop to $23.23 USD ($31.46 AUD).

Friday 27^th

The metals posted the worst trading session of the week on Friday. Gold dropped below $1800 to settle at $1,786.86 USD ($2,419. 63 AUD) – down 1.25% from its Thursday price. Silver traded at $22.70 USD ($30.74 AUD) after a 2.28% slump.

Sam Grant

https://www.linkedin.com/in/sammie-grant/