Gold Spot Price Open: $1,679
Gold Spot Price Close: $1,665
Change in Gold Spot Price:-$14
Silver Spot Price Open: $32.14
Silver Spot Price Close: $31.50
Change in Silver Spot Price:-$0.64
After two days of significant growth, little are surprised that Thursday was a tough day for precious metals. Gold nearly cancelled out yesterday’s earnings by finishing fourteen dollars down while silver did equally as bad, losing about 64 cents. This sell-off is very typical after seeing precious metals’ performance over the past few days.
There was no major news from the Fed and many other investors are holding off their actions until the US jobs report is released on Friday. The main trading today was short-term sellers who look to derive profits from sudden, significant spikes in gold and silver’s value like we saw Tuesday through Wednesday. The main outlook on gold and silver by experts remains the same for 2013 with most thinking that gold and silver will mostly remain stagnant with a small chance of increasing in overall value.
News of German retailers suffering a bit caused the euro to drop and European zone stocks to weaken, but even this wasn’t enough to bring gold back from the doldrums. In addition to German retailers suffering in the early part of 2013, the unemployment rate on the country is on the rise.
Stay tuned for tomorrow’s US jobs report and the potential impact that it will have on precious metals.
