Gold and silver had a very bright start rallying on the first two days of the week. However, the precious metals. Both metals recorded their highest prices of the week on Tuesday before plummeting on the subsequent days. Gold sank to a three week low whereas silver saw a two-week low.

Monday 4^th

The precious metal markets had explosive trading sessions on Monday with gold shooting up to $1944.28 USD ($2522.75 AUD). Silver eclipsed $27 settling at $27.26 USD ($35.37 AUD).

Tuesday 5^th

Successive gains saw the metal prices advance. Gold transcended the $1950 level to trade at $1951.35 USD ($2531.92 AUD) after a 0.36% increase. Silver recorded a 1.28% gain to move to $27.61 USD ($35.82 AUD).

Wednesday 6^th

Both metals plunged on Wednesday losing the gains from the start of the week. Following a 1.51% crush, gold fell to $1921.92 USD ($2493.73 AUD). Silver’s price dipped 1.12% to $27.30 USD ($35.42 AUD).

Thursday 7^th

Gold continued bleeding with its price falling a further 0.35% to $1915.17 USD ($2484.98 AUD). The situation wasn’t any different in the silver markets. Silver dropped to $27.15 USD ($35.23 AUD) after seeing a 0.55% drop.

Friday 8^th

Gold market collapsed as silver tumbled during the trading session on the last trading day of the week. A sharp rebound of the dollar and upswing in US yield crushed the markets. Gold lost 3.54% to fall to $1847.3 USD ($2396.91 AUD) whereas silver leaked 6.3% of its value to settle at $25.43 USD ($33 AUD).

Sam Grant

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