Gold Spot Price Open: $1,329
Gold Spot Price Close: $1,323
Change in Gold Spot Price: -$6
Silver Spot Price Open: $21.86
Silver Spot Price Close: $22.00
Change in Silver Spot Price: +$0.14
Gold and silver experienced mixed outcomes on Tuesday, gold finishing down while silver posted marginal gains. When all was said and done, gold lost about 6 dollars while silver was actually able to manage a gain of fourteen cents.
After gold and silver posted gains for over 5 consecutive trading sessions it was only a matter of time until profit-taking and technical corrections made an appearance. Today was that day as both gold and silver traded down for a large part of the trading session before silver was able to make small strides forward towards the end of the day. Despite today’s performance by metals, it is still very much clear that the precious metals bulls have the near-term momentum.
A weaker USD index today helped gold prevent daily losses from being of any sort of significance. The Dollar has been the victim of a lot of downward pressure lately, a factor that has helped precious metals for the past few weeks.
In other news from around the world, the Bank of Japan made a small addition to their growth-conscious monetary policy. The addition, announced today, laid out an incentives plan for banks who are being urged to lend more money. The BOJ also reiterated their positive outlook on economic growth for Japan this year. This is a point of interest for investors, especially because recent economic conditions are painting a none too favorable picture of the Japanese economy at present. Despite this, the Japanese central bank is confident that 2014 will be a year of growth.
Finally, a report out of China indicated that foreign investment in the Asian giant is on the rise as of January. This news is a bullish factor for precious metals, as is the case almost any time upbeat economic data comes from the world’s second largest economy and first largest consumer of raw commodities.
