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Last update: Thu 23rd May 2024 00:38 (Melbourne)
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Week in Review: Gold and Silver sink further on the first week of March [01st to 05th March 2021]

Gold and Silver started the week (and month) on a positive foot but lost ground during the week. The latter hit a five-week low around the $25 USD level as gold sunk below $1700 USD for the first time since June last year. Here’s a detailed look at how the two precious metals performed:

Monday 01st

Gold unsuccessfully tried to bounce back from its dip at the end of last week, settling at $1724.94 USD ($2251.46 AUD). Silver attempted a push for $27 USD but lacked enough momentum, instead dropping to $26.53 USD ($34.63 AUD) as the first session of the week came to an end.

Tuesday 02nd

Silver managed to cut above $26.70 USD but fell short of the resistance at $27.00 USD, finding stability at $26.74 USD ($34.90 AUD). Gold managed to recover and gain 0.724% to move up to $1737.43 USD ($2267.76 AUD).

Wednesday 03rd

Both metals saw sharp declines on the back of rising bond yields. Gold shed off its gains from Tuesday after a 1.65% dip to $1708.70 USD ($2230.26 AUD). Silver had a similar course losing 2.7% to move down to $26.02 USD ($33.96 AUD).

Thursday 04th

The worst session of the week came on Thursday as the price slumps worsened. A higher US dollar index, together with increasing government bond yields, provided the bearish momentum. Gold’s price fell by 0.71%, dropping to $1696.60 USD ($2214.47 AUD) -below the crucial $1700 USD level for the first time in over nine months. Silver nosedived towards the $25 USD level after a 2.46% plunge to $25.38 USD ($33.13 AUD).

Friday 05th

Despite the bearish forces, gold stayed on a corrective recourse gaining 0.247% to climb back to $1700.79 USD ($2219.94 AUD). Silver crashed further hitting a five-week low of $25.25 USD ($32.96 AUD) after seeing a 0. 512% slump.

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