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Last update: Fri 30th July 2021 08:08 (Melbourne)
Gold: $2,472.40 AUD     $1,829.17 USD Silver: $34.52 AUD     $25.54 USD

Week in Review: Gold and silver dip on account of massive selling pressure [18th to 22nd January 2021]

The haven metals had, yet again, another dramatic week. Both metals recorded heavy dips as the week came to an end, wiping away early gains. The Friday slump came as sell-off pressure among investors intensified. Here is the summary:

Monday 18th

The metals had a fairly bright start to the week following a massive descent from the previous week. Gold traded at $1,836.28 USD ($2,387.85 AUD) at the close of trading, with silver finding stability at $24.96 USD ($32.46 AUD).

Tuesday 19th

The upcoming inauguration for President-elect Joe Biden did little to change the tides in the metals market. Gold managed a meagre 0.22% gain to move up to $1,840.40 USD ($2,393.21 AUD). Silver recorded a 1.04% jump, cutting above the $25 USD level to settle at $25.22 USD ($32.80 AUD).

Wednesday 20th

Both metals rebounded strongly as promising stock indexes offered little resistance to the bullish path. Gold moved above $1850 USD and settled at $1,871.61 USD ($2,433.79 AUD) following a 1.7% upswing. A 2.6% upsurge saw silver climb up to $25.88 USD ($33.65 AUD).

Thursday 21st

Silver touched the $26 USD price figure early on Thursday but struggled to stay at the level, instead sinking to $25.94 USD ($33.73 AUD). Gold shed 0.09% off its previous day’s price moving down to $1,870 USD ($2,431.70 AUD).

Friday 22nd

The precious metals traded lower on the last day of the week, failing to capitalise on the US stock market’s solid losses. Silver dropped to $25.46 USD ($33.11 AUD) after posting a 1.85% dip. Gold spent most of Friday downslope, losing 0.84% to settle at $1,854.34 USD ($2,411.33 AUD).

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