Gold Spot Price Open: $1,225
Gold Spot Price Close: $1,238
Change in Gold Spot Price: +$13
Silver Spot Price Open: $20.14
Silver Spot Price Close: $20.20
Change in Silver Spot Price: +$0.06
Gold and silver finished this holiday trading week in positive fashion and have gotten the new year off to a better start than the way last year ended. When markets closed, gold was up about 13 dollars while silver remained closer to even, gaining only a few pennies.
The past 5 days have exhibited price movement, trading volumes, and a lack of economic data all typical of a holiday trading session. Nonetheless, precious metals were able to turn Thursday and Friday into two positive days to kick off the new year. Over the last two days gold was able to pick up over 30 dollars while silver managed to gain almost three-quarters of a dollar.
Physical buying of precious metals has gained momentum in the US and around the world and is being credited as one of the primary reasons behind metals’ most recent gains. Gold and silver spot values have been subdued for the past month or so and with investors wanting to rebalance their portfolios at the start of the new year, the physical purchase of precious metals was too tempting to ignore for most. Whether the high volume of physical purchases will stretch into next week or not is something to look out for, but with spot values on the rise these high volumes may not be around for long.
As we look ahead to the rest of January investors will be interested to see if US stock markets can continue making gains or if their bullish runs are finally coming to an end. Next week will mark the first full week of trading in 2014 and because economic data has more or less been a non-factor over the past two weeks you can expect to see a boatload from both the United States and Europe. Precious metals investors are glad to see 2013 go, but at this point are still wary about what the future holds.
