Gold Spot Price Open: $1,321
Gold Spot Price Close: $1,327
Change in Gold Spot Price: +$6
Silver Spot Price Open: $20.11
Silver Spot Price Close: $20.04
Change in Silver Spot Price: -$0.07
Gold and silver experienced mixed results on Monday but were both able to stay above key resistance levels. When all was said and done, gold gained 6 dollars while silver lost a little more than five cents.
Tensions across Ukraine have been on the rise for the past week or so as a result of an increased number of pro-Russian demonstrators attempting to take over buildings and, in some cases, entire towns. Interim Ukrainian president Oleksandr Turchynov called upon his military this weekend in order to dispel many of these demonstrators. The situation is still far from resolved and so long as tensions are as high as they have been for the last week or so safe-haven demand for gold and silver is expected to continue to rise.
European Central Bank president Mario Draghi was quoted today saying that the ECB may soon institute new monetary stimulus measures in order to combat growing deflationary pressures. Draghi’s remarks drove the value of the euro currency downward which in turn helped boost the US Dollar. The fact that the greenback was on the rise prevented gold and silver from making substantial gains on Monday. Having said this, however, risings tensions in Ukraine will continue to drive safe-haven demand for metals.
Economic data on the slate for Monday consisted of the retail sales report for March, which ended up having little to no impact on spot gold nor silver. Looking ahead to the next four trading sessions, there is no major US economic data for investors to look forward to. With recent claims surfacing claiming that Russia rigged the Crimea vote, it seems as though the investing world will have plenty to talk about throughout the remainder of the week.
