Gold Spot Price Open: $1,258
Gold Spot Price Close: $1,258
Change in Gold Spot Price: NO CHANGE
Silver Spot Price Open: $19.91
Silver Spot Price Close: $19.98
Change in Silver Spot Price: +$0.07
Gold and silver did little moving on Thursday as US stocks regained their balance. When all was said and done, gold finished the day where it started while silver posted a marginal gain of about 7 cents.
A faltering US Dollar initially made it seem like gold and silver would fare well today, but US stocks had something to say about that. Finally, US equity markets was able to pull the emergency brake and stop their recent free fall. Though it is looking more and more like stocks are on their way down for the foreseeable future, today offered investors a bit of respite from the past few days' losses.
Tomorrow's employment report for January is due out tomorrow and will be met with a lot of investor scrutiny. After December's employment report shocked investors by coming in much weaker than expectations, this time around investors are not sure what to expect. As it stands, the market is expecting to see around 190,000 jobs added in January.
Finally, the ECB held and wrapped up their monthly policy meeting today. As was expected, the EU's central bank decided to keep its interest rates steady, though some people suggested that they might pull them back slightly. With recent economic data being as positive as it has been over the last few weeks, it is easy to see why many think the ECB should cut its interest rates. Though many others feel as though recent data alone is not enough to make a decision that would impact the market a long way down the road. Instead, we can expect the ECB to sit back and monitor data over the next month before they think about making any lasting policy decisions.