Gold Spot Price Open: $1,658

Gold Spot Price Close: $1,660

Change in Gold Spot Price:+$2

Silver Spot Price Open: $30.04

Silver Spot Price Close: $29.94

Change in Silver Spot Price:-$0.10

Gold and silver both moved only slightly as trading was muted on the day before the Christmas holiday. Gold picked up about two dollars while silver dropped by roughly a dime.

The main focus for investors of all types continues to be the fiscal cliff as US stocks dropped today in fear that a deal will not be reached in time. With Christmas coming tomorrow and New Years just a few days after that, investors are not holding out hope that a deal will be reached before the end of 2012.

The final reason why gold and silver moved only slightly is because most major markets, mainly the US and Europe, only traded for a part of the day in preparation for Christmas. The USD dropped a little on Monday but that is mainly because of safe-haven demand and after hitting a three-month low last week it is hard to imagine it will drop any further.

Trading will pick up again on Wednesday but as it is the day after Christmas we can expect muted trading yet again. From everyone at JM Bullion we would like to wish you a Merry Christmas and Happy New Year.