Gold Spot Price Open: $1,730
Gold Spot Price Close: $1,718
Change in Gold Spot Price:-$12
Silver Spot Price Open: $32.79
Silver Spot Price Close: $32.66
Change in Silver Spot Price:-$0.13
Gold and silver both had an off day on Thursday as we near the end of what has turned into a disappointing week for precious metals. Gold was down 12 dollars while silver was down another 13 cents.
Because of the report of increased unemployment in both the US and many parts of Europe, the demand for gold has slowed down quite a bit. In fact, the disparity between this week and last week’s jobless reports in the US speaks to the tune of nearly 80,000. As if that weren’t enough, one of the largest purchasers of gold, China, has also seen a drop in demand for the metal as of late.
If a solution is not reached about the impending “fiscal cliff”, the effects it could have on the US and global economies is significant. That being said, it certainly does not look like Washington has come up with anything that resembles a workable solution at this juncture.