Gold Spot Price Open: $1,242
Gold Spot Price Close: $1,231
Change in Gold Spot Price: -$11
Silver Spot Price Open: $20.18
Silver Spot Price Close: $19.91
Change in Silver Spot Price: -$0.27
Gold and silver suffered what is being described as a corrective pullback from their recent gains. When all was said and done on Tuesday gold lost about 11 dollars while silver lost nearly 30 cents.
Tuesday was a quiet day as far as economic news stories are concerned, though tomorrow will be a bit of a different story. The FOMC’s minutes are expected to be released in the afternoon and will undoubtedly catch the attention of the entire marketplace. At this point it is uncertain what the minutes will have to say, but it is likely that they will discuss future tapering decisions, or at least the possibility of them.
The European Central Bank is scheduled to have its monthly policy meeting on Thursday and just like with the FOMC minutes, it is uncertain what the main talking points will be when the ECB meets.
Also due out tomorrow is the ADP employment report. This will be the least heavily weighted of the employment reports due out this week but will be vital to investors nonetheless.
China is expected to release reports with regard to their trade and inflation this week and with Chinese stocks floundering these reports could not come at a more perfect time. Investors have been enduring a weaker stock market in China and are looking for anything that will alter the downward trajectory of equities in Asia’s largest country. An overnight report out of Europe indicated that inflation levels are still low and that the region is still flirting with price deflation. Though the EU is still a far way away from the type of deflation that killed Japan’s economy not too long ago, investors will have to keep an attentive eye on Europe nonetheless.
