Gold Spot Price Open: $1,646

Gold Spot Price Close: $1,662

Change in Gold Spot Price:+$16

Silver Spot Price Open: $30.04

Silver Spot Price Close: $30.45

Change in Silver Spot Price:+$0.41

After a slew of consecutive days of losses, both precious metals finally made improvements on Tuesday. Gold picked up 16 dollars while silver improved by almost a half dollar.

January is historically a good month for gold because the Chinese use the metal heavily throughout their celebrations of the Chinese New Year which is fast approaching. Staying in Asia, the Bank of Japan announced that it may start to extend its monetary easing policy but more solid plans will be announced later in the month.

The news out of Europe continues to be disappointing as unemployment rates were extremely dismal and showing few signs of improvement throughout this past November. The USD was up on Tuesday but this had little impact on the overall boost in the price of precious metals. Hopefully precious metals can continue to improve throughout the duration of the week,