Gold Spot Price Open: $1,648
Gold Spot Price Close: $1,653
Change in Gold Spot Price: +$5
Silver Spot Price Open: $30.95
Silver Spot Price Close: $31.15
Change in Silver Spot Price:+$0.20
While the first part of the day on Tuesday saw gold his its lowest point in over a month and a half, it surged through the latter part of the day to close positively. When all was said and done gold had picked up about 5 dollars while silver moved forward to the tune of 20 cents. 5 dollars may not seem like too big of a gain but when you take into consideration the morning dive, things panned out fairly well for gold and silver.
Two contributing factors to precious metals’ late-day rally was a lowered US dollar as well an increased price being placed on crude oils worldwide. If it weren’t for a devalued dollar the price of gold would have had a great chance of maintaining a multi-week low. Investors are hoping for some precious metals boosting news out of the Group of 20 meeting which kicks off in Moscow on Friday and concludes the following day.
The main point of discussion at the Group of 20’s meeting, nations devaluing their own currency in order to bolster exports, has a good chance of affecting the precious metals markets in one way or another. The Group of 20 are not necessarily going to be telling nations’ central banks to stop pumping money into the market, but rather warn that such activity could mean for massive up and down swings of the value of certain currencies. The type of unstable currency environment previously described tends to lean towards being highly beneficial for precious metals.
