Silver and gold had a fairly good run this week starting with an explosive session for the former on Monday amid news of a more resistant COVID-19 strain. The metals pulled back on Tuesday before posting consecutive gains for the rest of the week except for Friday. Here’s the summary:

Monday 21^st

Gold failed to get enough upward momentum to drive it to the $1,900 level and instead traded at $1,879.75 USD ($2,477.06 AUD). Fuelled by fears about the new COVID-19 strain in the UK, Silver had a volatile session that saw it break the $27 level but eventually settle at $26.27 USD ($34.63 AUD).

Tuesday 22^nd

Silver markets had a pull back that resulted in the metal losing 3.73% to trade at $25.29 USD ($33.34 AUD). Gold didn’t manage to push beyond its previous price instead dropping 0.93% to $1,862.31 USD ($2,455.06 AUD).

Wednesday 23^rd

Both metals rebounded on Wednesday as Brexit news offered material support. Silver surged 0.95% to trade at $25.53 USD ($33.66 AUD). Gold successfully broke the $1,865 level after a 0.5% gain that saw it reach $1,871.63 USD ($2,467.35 AUD).

Thursday 24^th

The upside momentum from the previous day saw silver climb further to $25.82 USD ($34.04 AUD) – up 1.14%. Gold pushed towards the $1900 level but found stable ground at $1,879.47 USD ($2,477.68 AUD), recording a 0.4% gain.

Friday 25^th

Gold and silver price remained unchanged following a quiet trading session on Christmas day. The metals remained at their $1,879 USD ($2,477 AUD) and $25 USD ($34 AUD) levels respectively with most traders focusing on the holiday.

Sam Grant

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