Gold Spot Price Open: $1,306
Gold Spot Price Close: $1,319
Change in Gold Spot Price: +$13
Silver Spot Price Open: $19.82
Silver Spot Price Close: $20.12
Change in Silver Spot Price: +$0.30
Gold and silver posted healthy gains on Thursday, propelling spot gold to a fresh 2-week high. When all was said and done, gold gained about 13 dollars while silver was able to gain close to thirty cents on the day.
A few factors are helping precious metals currently, including a growing risk-averse attitude by investors. Thanks to more eyes fixating on the situation in Ukraine, the marketplace is growing increasingly nervous for what the next few weeks might hold for the large Eastern European nation. There hasn’t been all too much violence to report on this week, but with pro-Russian protests growing in number with each passing day, the possibility for violence to break out rises significantly.
Also helping gold and silver today and over the last few days has been a weaker US Dollar index. The US Dollar is trading down after a recent rally and so long as safe-haven demand for precious metals has any sort of presence in the market it will effectively prevent the Dollar from making any significant gains.
Finally, investors were busy today digesting what little the Federal Reserve minutes had to offer on Wednesday. In all, it seems as though investors are taking the latest meeting and yesterday’s minutes as meaning that interest rates will not be risen as early as originally thought last week. Thanks to remarks from the Fed Chair Janet Yellen a few weeks ago, the market was convinced that interest rates in the United States would be risen as early as this time next year. Now, however, investors feel more confident that rising interest rates are not going to present a problem until sometime further down the road. Nonetheless, investors will continue to closely scrutinize any and all comments made by members of the Federal Reserve over the next few months.
