Gold Spot Price Open: $1,660
Gold Spot Price Close: $1,658
Change in Gold Spot Price:-$2
Silver Spot Price Open: $30.45
Silver Spot Price Close: $30.42
Change in Silver Spot Price:-$0.03
After seeing significant gains yesterday, precious metals remained stagnant and even slipped a little bit on Wednesday. Gold dropped about two dollars while silver barely even moved at all, losing only three pennies. One of the main reasons that precious metals have been so unpredictable lately is because there is a growing trend of investors putting their money into more volatile outlets instead of the relative safe haven that precious metals such as gold and silver are known to be.
Another contributing factor to gold’s stagnation on Wednesday is the fact that the USD saw some gains. As we all know, whenever the US Dollar has a good day precious metals typically do not fare so well. Finally, gold and silver are both unlikely to make big movements without any real, big relevant market news which there has been little of lately.
As we move to the back end of the week we have thus far seen a mixed-bag of results but hopefully a drop in the USD or big news from world markets will be enough to boost gold and silver.
