Gold Spot Price Open: $1,303
Gold Spot Price Close: $1,297
Change in Gold Spot Price: -$6
Silver Spot Price Open: $20.00
Silver Spot Price Close: $19.97
Change in Silver Spot Price: -$0.03
Gold and silver conceded some of Friday’s gains on Monday due to a slight technical correction and some profit-taking by investors. When all was said and done, gold lost around 6 dollars while silver lost only a few pennies.
There wasn’t much US economic data on the slate today, but investors from around the world will be paying attention to speeches scheduled to be made this afternoon by presidents of both the Chicago and St. Louis Federal Reserve banks. Though it is not expected that Charles Evans (Chicago) nor James Bullard (St. Louis) will have anything groundbreaking to say during their addresses, investors are hoping that they will at least talk abolut last Friday’s weaker than expected payrolls data from March. Compared to expectations of more than 205,000 new payrolls added to the economy in March, investors instead saw that under 200,000 jobs were actually created. This report was in stark contrast to the highly touted job growth that Federal Reserve chairperson Janet Yellen spoke of no more than two weeks ago.
In the wake of last Friday’s payroll data, more than just US equities felt pressure. Both Asian and European stock indexes posted losses as well and were still feeling pressure all throughout the day on Monday.
As it stands, both gold and silver are below their key price points and are likely to continue feeling pressure so long as the market bears still have control. The geopolitical front, of which often gives precious metals a boost, has been quiet as of late and is only adding to the increasingly bearish market atmosphere. Now, the situation between Russia and Ukraine has faded almost entirely to the back burner and is being ignored by most investors.
