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Week in Review: A quiet week for Gold and Silver [8th to 12th February 2021]

After a bright start to the week, the precious metals went on to record gains on two consecutive days. The metals lost ground on Thursday, seeing the most significant declines of the week.  Only silver bounced back as the week came to an end.

Monday 8th

Gold was trading at $1,829.87 USD ($2,367.95 AUD), up 0.87% from its closing price on Friday. Silver was also trading on the positive end of its last price, hitting a high close to $30 USD before retreating to $27.26 USD ($35.28 AUD).

Tuesday 9th

A brief halt in the US stock market provided support for both metals that enjoyed gains. Gold moved up 0.44% to settle at $1,837.83 USD ($2,378.25 AUD). Silver’s price increased by $0.12 to $27.38 USD ($35.43AUD).

Wednesday 10th

Gold hit its week high of $1,842.25 USD ($2383.97 AUD) early on Wednesday after recording a 0.24% price rise. Silver stabilised at $27.03 USD ($34.98 AUD) – down 0.13% from its closing price on Tuesday.

Thursday 11th

The metals endured a frustrating session on Thursday following consecutive gains. Both metals recorded sharp price slumps. Gold’s price declined by 0.9%, moving lower to $1,825.70 USD ($2,362.55AUD). Silver gave up 0.22% to trade at $26.97 USD ($34.90AUD).

Friday 12th

Silver turned things around, making up for the previous day’s slump. Its price went up 1.41% to $27.35 USD ($35.39AUD), whereas gold dropped $1.11 to settle at $1,824.60 USD ($2,361.13 AUD).

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