Gold Spot Price Open: $1,670
Gold Spot Price Close: $1,660
Change in Gold Spot Price:-$10
Silver Spot Price Open: $31.76
Silver Spot Price Close: $31.25
Change in Silver Spot Price:-$0.51
Gold and silver both ended this week in disappointing fashion as both metals took a significant dive on Friday. Gold lost about ten dollars while silver dropped a penny more than half a dollar. The last two days of this week really put a damper on what had been a not so bad start to the week.
Part of the reason why gold and silver ended the week negatively instead of positively is because jobless claims in the US have fallen to their lowest levels in almost 5 years. Before this week, most experts would have expected jobless claims to rise leading to more economic uncertainty, but that was not to be. Signs of economic improvement are not very good for gold because it is in times of economic uncertainty that people put their trust in precious metals and shy away from paper money.
The US government decided to postpone their making a decision regarding the debt ceiling until May and this fact did little to help gold. In May there will be big news for precious metals because it is then that they will decide the extent to which the US is allowed to borrow money. With experts still maintaining that gold will have a positive 2013, we are all hoping that next week holds a little bit better fortune for precious metals.
