Gold Spot Price Open: $1,745
Gold Spot Price Close: $1,719
Change in Gold Spot Price:-$26
Silver Spot Price Open: $34.10
Silver Spot Price Close: $33.76
Change in Silver Spot Price:-$0.34
While gold and silver both did not make much movement through Monday and Tuesday, Wednesday saw them take a significant dip. Part of the reason that gold ended the day down 26 dollars is because there was a lot of selling of the precious metal happening in very small time windows. In fact, in only a matter of a few minutes, enough gold was sold to bring the value down over 20 dollars.
It is clear to see that precious metals ended the day on a somber note overall, but the closing numbers do little to reflect how dismal the prices of gold and silver were looking at some points on Wednesday.
It is interesting to see precious metals take such significant losses on a day where there was not much market-significant news to report from around the world. While closing numbers like this are seldom seen they do happen from time to time, fortunately however, many experts believe that Wednesday’s performance has little to do with how gold is actually going to act going forward.
The main indicators on the movement of precious metals are, as they have been, the future of the United States’ monetary policy as well as the ongoing economic turmoil happening in various parts of Europe and how European leaders decide to handle it.