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Gold and silver consolidate after rollercoaster week

In the face of ongoing macroeconomic turbulence, both silver and gold have been rising as their safe-haven status continues to attract investors. Despite touching all-time highs this week, gold was slightly down on Friday. Silver was up 0.23%.

“What a week it’s been for gold and silver,” said David Morrison, Senior Market Analyst at FCA.

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“As of this morning, we’ve seen a high-low move since Sunday night,” he added.

At the time of writing on Friday, gold was trading at $2,016 per ounce.

Despite an overall drop of 0.31% this week, gold reached all-time highs of $2,135 on Monday, before falling back.

Silver, in the meantime, was £18,88 per ounce at the time of writing on Friday. It has been gradually rising this week and has now reached slightly over 0.20%.

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“The move in silver was more ambiguous as it broke below its own significant support of $24”, said David Morrison.

“This is in contrast to the relationship that existed previously, when it was silver’s surge through resistance that triggered the sharp rally in gold,” he added.

Demand for silver and gold has been high in December and October as ongoing macroeconomic pressures continue to make people feel unsafe when it comes to their finances.

Given ongoing macroeconomic turbulence, the gold and silver markets are likely to continue to gain.

“Gold appears to be helping the bullish cause, and if it can hold above $2,000 and rally, then it could be the one to lead silver higher. Time will  tell, added David Morrison.

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