Gold Spot Price Open: $1,297
Gold Spot Price Close: $1,309
Change in Gold Spot Price: +$12
Silver Spot Price Open: $19.90
Silver Spot Price Close: $20.04
Change in Silver Spot Price: +$0.14
Gold and silver were trading sharply higher as soon as US markets opened on Tuesday. Thanks to renewed safe-haven demand, spot gold ended the day up more than ten dollars while silver finished Tuesday up by more than ten cents.
Just as most of the investing world was beginning to forget about the crisis in Ukraine, it very speedily made its way back to the headlines this week thanks to an increase in pro-Russian demonstrations taking place throughout Ukraine. Despite the fact that Ukrainian security forces are doing their best to prevent the demonstrations from turning violent, the world is now worrying about the growing likelihood of a Ukrainian civil war. There has not been an egregious amount of violence as a result of recent pro-Russian demonstrations, but just like what happened when this whole situation started many months ago, violence between protesters and security forces can happen in the blink of an eye.
Also aiding the progress of gold and silver today was a weaker US Dollar Index. After trading higher for most of last week, precious metals investors will welcome this most recent dip in the value of the greenback.
Finally, the IMF announced today that it expects the UK to lead all major economies in growth over the duration of this year and next year. Officially, the IMF is expecting to see the UK economy grow by more than 2.5% in both 2014 and 2015, better than its prediction for any of the other 6 major economies of the world. Having said that, however, the IMF is also expecting healthy growth from the US economy over the same course of time and actually labelled the US as a “major impulse” to world economic growth.
