Gold Spot Price Open: $1,303
Gold Spot Price Close: $1,295
Change in Gold Spot Price: -$8
Silver Spot Price Open: $19.67
Silver Spot Price Close: $19.65
Change in Silver Spot Price: -$0.02
For yet another day this week, technical selling is outperforming rising safe-haven demand and pushing spot values further downward. Gold lost about 8 dollars on the day while silver moved marginally downward, losing about two pennies. Though many would say that it was bound to happen, gold finally fell below the key $1,300 threshold today.
The crisis in Ukraine continues to catch the attention of the marketplace as violence abounds for a third consecutive day. Leaders from the US, Russia, Ukraine, and the EU convened for a meeting in Geneva, Switzerland today in an effort to devise some sort of solution to what is an increasingly deteriorating situation. The US, specifically Barack Obama, have threatened to wage further sanctions on Russia as a result of their participation in the armed annexation of Crimea. Recently, Russian president Vladimir Putin made a statement admitting that his military was, in fact, aiding armed militiamen during the crisis in Crimea that took place throughout most of March. Safe-haven demand for precious metals is still on the rise, but technical selling related to recent gains is more or less counteracting rising demand.
Today marked the release of the weekly jobless claims report, but it ended up having no impact on the precious metals market. As we head into the last day of the week it is unlikely that anything other than the crisis in Ukraine will be on the minds of investors.
Worries with regard to China’s economic performance have not subsided, but have rather taken a sideline to more pressing issues. The Chinese central bank has not made any monetary policy-changing decisions yet, but is expected to do so sometime soon.
