Gold Spot Price Open: $1,238
Gold Spot Price Close: $1,238
Change in Gold Spot Price: No Change
Silver Spot Price Open: $20.23
Silver Spot Price Close: $20.20
Change in Silver Spot Price: -$0.03
Gold and silver started off the first full week of January hovering near even. When the day was through, gold didn’t net any gains or losses while silver dropped only a few pennies.
This week will see trading volumes revived as investors return from what seemed like a very long holiday vacation. As was expected, there will be plenty of US economic data for investors to mull over throughout the rest of the week. On Wednesday investors will be greeted with both the ADP employment report as well as the latest FOMC minutes. Weekly jobless claims data is due out on Thursday and so too is the Challenger job-cut report which will give investors fresh perspective with regard to the outlook on American employment.
Finally, Friday will bring with it the ever-important non-farm payrolls from this past December. This flow of economic data will be important to every precious metals investor because of the constant threat of more tapering actions. Fed minutes released on Wednesday may give investors some insight into whether or not the FOMC will pursue further tapering measures throughout 2014. In the wake of December’s FOMC meeting there was a strong feeling that the FOMC was going to incrementally taper QE during 2014.
The other major event happening this week involves the European Central Bank’s monthly meeting. As of now there isn’t much of anything expected to come as a result of that meeting, though it will be important to pay attention to nonetheless. Important economic data is also due out of China later this week including reports with regard to inflation and trade. Chinese stocks are currently feeling the brunt of a disappointing PMI reading last week and are looking for anything to help them out of their slump.
