Gold Spot Price Open: $1,295
Gold Spot Price Close: $1,290
Change in Gold Spot Price: -$5
Silver Spot Price Open: $19.70
Silver Spot Price Close: $19.48
Change in Silver Spot Price: -$0.22
Spot gold and silver both felt selling pressure amid a quieter atmosphere in the wake of the Easter holiday. At day’s end, gold fell by about 5 dollars while silver was down a little more than 20 cents.
A majority of markets across Europe and Asia were closed today which made for a calmer than usual trading atmosphere. A lack of any fresh bullish news is translating into even more selling pressure for physical gold and silver while a calmer Ukraine has dealt safe-haven demand for metals a significant blow. As a result of their meeting in Switzerland last week the United States and Russia have reportedly agreed to try and peacefully bring an end to the crisis in Ukraine, which has very recently yielded violence across Ukraine’s eastern half. If tensions in the large European nation continue to deescalate over the next few days so too will safe-haven demand for metals.
Another contributing factor to the selling pressure weighing on precious metals today was a stronger US Dollar and sharply higher US equity markets. US equities have been trading up for the last week or more and look to be on a new rally. Of course, a stronger US Dollar and stronger equities will almost always put pressure on metals.
There was a light batch of US economic data released today but it had no impact on gold nor silver. This week will continue to be light from a US economic data standpoint as we near closer to the end of the month. As it stands, gold is sitting at a two week low while silver is more than 50 cents below the $20 threshold. Having said that, however, even the slightest flare-up of violence in Ukraine will give spot values a much needed boost.
