Gold Spot Price Open: $1,660
Gold Spot Price Close: $1,657
Change in Gold Spot Price:-$3
Silver Spot Price Open: $31.22
Silver Spot Price Close: $30.90
Change in Silver Spot Price:-$0.32
Gold and silver started this week the same way they both finished last week by dropping a small amount. Gold dropped roughly 3 dollars while silver dropped two pennies more than 30 cents. News of some economic growth in the US and abroad are two major contributing factors for why the precious metals sectors took a hit today.
The Federal Reserve of the United States will meet tomorrow to begin a two-day meeting to talk about the economic future of the United States. That being said, in all likelihood there is little chance of any groundbreaking news being unearthed in the next two days. If quantitative easing does continue previous results have indicated that the precious metals market will be boosted.
Overall the US Stock Market is showing signs of improvement across the board and over the course of the past few days many more traders were interested in corporate stocks as opposed to turning to the precious metals markets . Multiple stock markets across Asia have also been doing well lately, adding even more pressure to gold and silver.
News to look forward to for the rest of the week include the US employment report that is set to be announced on Friday.
