Gold Spot Price Open: $1,313
Gold Spot Price Close: $1,325
Change in Gold Spot Price: +$12
Silver Spot Price Open: $21.83
Silver Spot Price Close: $22.43
Change in Silver Spot Price:+$0.60
Gold and silver finished higher at the end of the day on Monday thanks to an increase in safe-haven demand. When markets closed, gold was up by about 12 dollars while silver made gains of about 60 cents.
The world marketplace is continuing to grow increasingly anxious as the US government shutdown has now reached its 7th consecutive day. Though we have not seen widespread panic amongst investors quite yet, many feel as though it is only a matter of time until we do. Another widely held belief is that the US will see its credit rating decline as a result of the ongoing shutdown, something that will definitely cause panic to set in amongst investors.
The US seems to be nothing but a mountain of problems seeing as they are imminently going to reach their borrowing limit. If the government shutdown continues through to when the borrowing limit is reached, it is unsure what kind of effect it will have on the world marketplace.
We have heard very few news stories out of Asia as China has been celebrating its Golden Week holiday for the past week or so. Chinese workers will return to work tomorrow, at which point we may see an influx of demand for precious metals. In addition to that, the Indian holiday season is approaching quickly and if history is any indication of the future, physical demand for gold will be high in that region over the next few weeks.
Violence in Egypt is also reentering the headlines as it is once more picking up. It seems as though Egypt has been in a state of turmoil for the past year or so, leaving many to wonder when the Middle Eastern nation will see any amount of peace.
