Posted on February 04, 2013
Gold Spot Price Open: $1,669
Gold Spot Price Close: $1,676
Change in Gold Spot Price:+$7
Silver Spot Price Open: $31.92
Silver Spot Price Close: $31.80
Change in Silver Spot Price:-$0.12
At the end of the day Monday, there was a mixed bag of results as gold finished positively and silver was slightly down. When all was said and done silver was down about 12 cents while gold finished on the positive side, up about 7 dollars. Gold was primarily aided today by the dawn of the Chinese New Year which starts this weekend.
Gold has recently been able to sustain a high value and increased demand for the metal due to the Chinese New Year is only going to drive the value up. Granted the spike in value due to the Chinese New Year will only be temporary as many major Asian markets are off next week as they celebrate.
US stocks were weaker on Monday as were European stocks and the euro in general. The reasons behind these weakened economies is banking crises in Italy and government scandal in Spain, as if Spain needed anything else to hinder its economic and political progress. Despite currently disappointing stock markets, many Federal Reserve experts hold that 2013 will see at least some economic growth for the United States.