Gold Spot Price Open: $1,242
Gold Spot Price Close: $1,255
Change in Gold Spot Price: +$13
Silver Spot Price Open: $20.15
Silver Spot Price Close: $20.35
Change in Silver Spot Price: +$0.20
Gold and silver posted decent gains on the last day of what has been a sub-par week, to say the least. When all was said and done, gold gained about 13 dollars while silver made gains of about twenty cents.
Gold and silver were able to regain some of this week’s losses today as US stocks finally cooled off a bit. Thanks to poor 4th quarter earnings reports from tech-giant Intel and General Electric US equities traded mostly down today. Profit-taking also contributed to the poor day on the US trading bloc. Despite poor equity performance in the United States the US Dollar was able to make even more gains against the Euro, something that very well might have prevented precious metals from making larger leaps forward today. Today’s price movement by precious metals resembled last Friday’s and will see investors hoping that gold and silver will be able to build upon today’s gains early next week.
At this point, the more the USD and the US economy improve the more likely it will be that the Fed will pull back on their Quantitative Easing policy further. The Fed is scheduled to meet on the 28th of this month and will be greeted with the usual amount of speculation from investors and market watchers.
Even though US equities were struggling a bit on Friday, European stock indexes continued along their upward trend. The early parts of 2014 have thus far been beneficial for European stocks and the overall strength of the EU economy. Even though 2013 was not the best of years for the EU, many are expecting 2014 to be the polar-opposite, and if the first few weeks of 2014 are any indication of the future things are really looking up for most of Europe.