Gold Spot Price Open: $1,205
Gold Spot Price Close: $1,199
Change in Gold Spot Price: -$6
Silver Spot Price Open: $19.51
Silver Spot Price Close: $19.50
Change in Silver Spot Price: -$0.01
Gold and silver traded about even for most of the day but by the time markets closed found themselves having lost a little value. When all was said and done, gold lost around 6 dollars while silver remained more stagnant, only losing about a penny.
With the beginning of this week falling only a few days before a large part of the world celebrates Christmas, it was always expected to be fairly uneventful on the worldwide trading front. Despite a generally quiet trading atmosphere, US stocks were still able to post impressive gains as the bullish run by both the S&P 500 and Dow continues. Seeing as the bullish run exhibited by US stocks has been carrying on for a few weeks now, some market experts are convinced that it is about to come to an end. In the immediate lead-up and aftermath of the FOMC, QE reduction announcement many investors acted as though stocks were the only horse in the race and allocated most of their funds into US stocks. Now, as stock markets become overcrowded, the runs we have seen over the past few weeks are likely going to become bogged down.
Short-term interest rates in China have reportedly spiked again, though the world market has more or less ignored this development. US economic data for the day was light and ended up having no real impact on precious metals spot values.
Gold has dropped below the $1,200 mark for the second time in as many weeks and was not too far removed from another 6-month low today. Silver has not been faring too much better either, an indication the market bears are still keeping a stranglehold on precious metals. Tomorrow is expected to be an even quieter day across the world marketplace as many people will be travelling to see their families and loved ones.
