Gold Spot Price Open: $1,281
Gold Spot Price Close: $1,291
Change in Gold Spot Price: +$10
Silver Spot Price Open: $19.81
Silver Spot Price Close: $20.02
Change in Silver Spot Price: +$0.21
Gold and silver spot values were lifted on Wednesday thanks, in large part, to bargain hunting buyers hitting the marketplace. When all was said and done, gold made gains of about ten dollars while silver picked up a little more than twenty cents.
There wasn’t all that much economic data on the slate for today, and the little data that was made public ended up having little impact on gold and silver spot values. The only piece of data worth talking about was the ADP employment numbers from March. The ADP report showed that about 191,000 jobs were added to the US economy last month, a number that was slightly below market expectations. Keep in mind, however, that the ADP employment report really has no affect on Friday’s non-farm payrolls data. Nonetheless, investors will be expecting Friday’s data to show healthy job growth after recent remarks made by high-ranking members of the Fed.
The European Central Bank is scheduled to convene for their latest policy meeting tomorrow, an event that has been the source of a boatload of speculation this week. Due to recently intensifying deflation worries across the EU, many market experts think that the ECB has no choice but to institute some sort of monetary stimulus. Despite this move remaining unconfirmed, the investing world will be paying close attention to tomorrow’s meeting and post-meeting statement regardless. If nothing else, maybe we will be given some insight into how the ECB feels about budding deflation concerns.
The US Dollar made gains against the euro currency today, something that limited gold and silver’s modest gains. Spot gold and silver are still sitting low when compared to where they were a little more than a week ago, and barring a weak employment report on Friday may be feeling some more pressure by week’s end.
