The precious metals had a good run in the week leading to Christmas. Gold prices rallied to a four-week high, with silver scoring a five-week high as the week came to an end. Despite the upward trend, silver did not test $26 and neither did gold break $1900. Analysts believe the metals are getting support from lockdowns being enforced in the US (New York) and other European countries like UK, Italy and German.

Monday 14^th

Gold traded at a fairly low price of $1827.64 USD ($2424.58 AUD) at the close of trading on Monday. Silver started of at $23.85 USD ($31.64 AUD), recording only a slight dip from its final price from the previous week.

Tuesday 15^th

Both metals gained upward moment after a quiet trading session on Monday. Gold’s price increased by 1.4% to $1853.40 USD ($2458.76 AUD). Silver gained 2.8% to break above $24 and settle at $24.52 USD ($32.53 AUD).

Wednesday 16^th

The upside momentum from Tuesday remained unchanged as both metals recorded further gains. Gold’s price moved up to $1864.18 USD ($2473.06 AUD) after recording a 0.58% increase. Silver posted a 3.3% surge that saw it shoot to $25.33 USD ($33.60 AUD).

Thursday 17^th

The metals were trading sharply higher on Thursday as a result of consecutive gains from Monday. Gold posted a five-week high of $1885.21 USD ($2501 AUD) after 1.13% spike. Silver struggled to reach $26, instead settling for a three-week high of $25.94 USD ($34.41 AUD) after a 2.41% gain.

Friday 18^th

The market corrected on Friday sending the prices of the haven metals down. Gold dropped to $1880.45 USD ($2494.64 AUD) after losing a 0.25%. Silver followed a similar path, dipping by 0.5% to $25.81 USD ($34.24 AUD).

Gold News Australia