Gold Spot Price Open: $1,690
Gold Spot Price Close: $1,666
Change in Gold Spot Price:-$24
Silver Spot Price Open: $31.04
Silver Spot Price Close: $30.15
Change in Silver Spot Price:-$0.89
Only a day after the avoidance of the fiscal cliff saw gold and silver both make drastic positive moves, both precious metals decided to take yet another dip. This time the dip precious metals took was a significant one as gold conceded about 24 dollars and silver was 11 cents shy of losing a whole dollar on the day.
The main culprit, now that we can no longer speak of the the fiscal cliff, was the US Dollar which was boosted at a few separate points on Thursday. The latest jobless claims report was released and when investors saw that these claims were at the highest they have been in over a month it caused the USD to be strengthened. The news got better for the USD and worse for precious metals as the day wore on because the Federal Reserve Open Market Committee spoke about how they may feel a slight decrease in the amount of quantitative easing the federal reserve does may be beneficial. If quantitative easing is slowed or stopped it could mean bad things for precious metals, at least in the short run.
Moving ahead to tomorrow, the biggest factor determining gold and silver’s valuation or devaluation is the report on the US economy which is set to come out sometime tomorrow morning. While the increasing jobless claims hindered precious metals’ progress today, that bad news will look like a drop in a bucket compared to what tomorrow could have for precious metals if the economic data is not up to par.
