Gold Spot Price Open: $1,720.10
Gold Spot Price Close: $$1,715.86
Change in Gold Spot Price: -$4.24
Silver Spot Price Open: $32.31
Silver Spot Price Close: $32.32
Change in Silver Spot Price: +$0.01
Gold finished down $4.24 today while silver gained a single penny. The reason for the decline in the price of gold was blamed on increased optimism in the US Dollar. As the dollar continues to improve you can assuredly expect the price of gold and silver to decline.
The impending election is going to have heavy implications on the value of gold going forward as will the status of the Chinese economy as it seems to be improving after slow growth recently. Greece and Spain are not doing much to slow their continued decline which means faith in the euro will continue to waiver.
Many felt that this was going to be a strong week for precious metals but between Hurricane Sandy and the improved US dollar those hopes were squashed quickly. Investors are hoping that gold and silver end the week strong but not too many of them are holding their breath.
