Posted on February 11, 2013
Gold Spot Price Open: $1,668
Gold Spot Price Close: $1,650
Change in Gold Spot Price: -$18
Silver Spot Price Open: $31.48
Silver Spot Price Close: $30.99
Change in Silver Spot Price:-$0.49
Gold and silver both started off the week on sour notes as their values dipped considerably. Gold was down about 18 dollars while silver was down a penny shy of 50 cents.
Because China is taking the week off to celebrate the new year many expect demand for gold to drop considerably over the course of the week. While the Chinese taking the week off may kill a lot of demand this week, a Group of 20 meeting set to take place in Moscow later this week could spur metals in one direction or another. One of the main topics of conversation this week will be the multitude of countries devaluing their currencies and what it means for the global economy.
Another reason for a lull in trading this week is Carnival celebrations that are taking place in many different European countries. Expect a small amount of news until the Group of 20 meeting gets under way later this week.