Current Live World Spot Prices
Last update: Thu 23rd May 2024 01:23 (Melbourne)
Gold: $3,598.66 AUD     $2,388.09 USD Silver: $47.14 AUD     $31.26 USD

Week in Review: Gold and Silver markets plunge giving up early gains [4th to 8th January]

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 4th

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 5th

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 6th

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 7th

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 8th

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).

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