It was a busy week for the metal market. The week’s standout events were the Federal Reserve’s two-day Open Market Committee (FOMC) meeting and the Robinhood-GameStop frenzy that turned into a crisis. The former ended with a statement from the Fed Chairman Powell that affected the markets on Wednesday. Here is the summary:

Monday 25^th

The precious metals had a steady trading session on Monday with no major price action. Gold traded at $1,855.38 USD ($2,425.77 AUD) as Silver hovered around $25.33 USD ($33.12 AUD).

Tuesday 26^th

The Federal Reserve’s Open Market Committee meeting kicked on Tuesday. Following a shaky trading session, gold lost 0.24% retreating to $1,850.92 USD ($2,420.14 AUD). Silver, on the other hand, climbed up to $25.46 USD ($33.29 AUD) after posting a 0.51% gain.

Wednesday 27^th

The market tumbled as both metals hit their lowest prices of the week. Gold traded at $1,840.18 USD ($2,406.09 AUD) – down 0.58% from its previous day’s price. Silver saw a 1.22% descent dropping to $25.15 USD ($32.88 AUD).

Thursday 28^th

The metals rallied on Thursday, cancelling Wednesday’s losses. Gold leapt 0.26% higher to trade at $1,844.98 USD ($2,412.37 AUD). Silver’s 5.33% surge saw it bounce back and settle at $26.49 USD ($34.64 AUD).

Friday 29^th

The GameStop-animated rally pushed Silver prices higher. The metal cut above $27 and find stability at $27.02 USD ($35.33 AUD) after seeing a 2% upswing. Meanwhile, gold’s bullish sentiment seemingly dwindled, with the metal recording a faint 0.2% gain to $1,848.64 USD ($2,417.15 AUD).

Sam Grant

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