Gold Spot Price Open: $1,294
Gold Spot Price Close: $1,284
Change in Gold Spot Price: -$10
Silver Spot Price Open: $19.87
Silver Spot Price Close: $19.81
Change in Silver Spot Price: -$0.06
Gold and silver traded lower for yet another day on Monday, amid a quieter economic atmosphere. When all was said and done, gold lost about ten dollars while silver lost just a few pennies more than five cents.
Monday was a fairly quiet day from an economic standpoint, though this week is expected to emit its fair share of data. Capping off what is anticipated to be an eventful week is the non-farms data from March. Janet Yellen was speaking in Chicago today and was quoted as saying that interest rates need to remain at current levels in order to offset what continues to be an unpredictable jobs market.
A report released in the early morning hours of Monday showed that year on year inflation levels in the EU rose by only .5%; much lower than the 2% target. This report prompted further speculation as to whether or not the European Central Bank will decide to employ some sort of monetary stimulus measure in the near future. The ECB is scheduled to have their monthly policy meeting this Thursday, and president Mario Draghi is expected to speak to the media afterwards.
Finally, the Russian takeover of Crimea has so far gone off without much turmoil, but the situation is still on the market’s radar. There have been a number of reports claiming that Russian military presence is building up along the country’s border with Ukraine, but the Kremlin has continually insisted that it has no further plans beyond the annexation of Crimea. As has been the case over the last month or so, the market will continue to closely watch any and all developments along the Russian/Ukrainian border.
Spot gold hit a new 7-week low today and is continuing to trend downward, as is silver. On top of it all, the market is expecting this week’s US economic data to be upbeat and likely put more downward pressure on precious metals.
