The precious metals posted fair performance in the last week of 2020. The most inspiring trading session happened on Wednesday as both metals recorded relatively significant gains.  The silver market particularly spiked investor interest as silver nearly got to $27 heading into 2021. Main Street analysts believe it is the metal to keep tabs on this year.

Monday 28^th

Silver started highly, exchanging hands at $26.37 USD ($34.26 AUD) on the first day of the last week of 2020. Gold, on the other hand, settled at $1,875.27 USD ($2,436.5 AUD) at the close of trading.

Tuesday 29^th

Gold slowly gained slight upward momentum on Tuesday jumping to $1,877.32 USD ($2,439.16 AUD) after a 0.11% increase. Silver nearly dropped to below $26 ($33.78 AUD), instead settling at $26.16 USD ($34 AUD) following a 0.8% dip.

Wednesday 30^th

Both metals displayed a strong performance with gold gaining 0.9% to climb to $1,894.11 USD ($2,460.98 AUD). Silver bounced back to a week high of $26.62 USD ($34.6 AUD) – a 1.76% upswing.

Thursday 31^st

The price of the haven metals declined on New Year’s Eve as the markets called it a wrap for 2020. Gold lost 0.024% dropping marginally to $1,893.66 USD ($2,460.4 AUD) whereas silver fell to $26.30 USD ($34.17 AUD) following a 1.2% dip.

Friday 1^st

The market remained dormant as gold and silver prices remained unchanged on New Year’s Day.

Sam Grant

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