Gold Spot Price Open: $1,579
Gold Spot Price Close: $1,583
Change in Gold Spot Price: +$4
Silver Spot Price Open: $29.07
Silver Spot Price Close: $29.01
Change in Silver Spot Price:-$0.06
At the start of a new week precious metals traded about even as there was little movement seen by both gold and silver. At the end of the day gold was up about 4 dollars while silver had dropped about 6 cents.
After the US dollar had a stellar performance last week, many had thought that god fortunes might continue but it opened up the week falling. While this typically tends to help precious metals, the decline was not so great that it had any real impact on current market prices .
The real focus of the day fell upon China who is seeing its economy begin to slow down and cool off. Not only were production levels weaker than they have been recently, but consumer data is becoming weaker as well. With such unsure times for the Chinese economy it is easy for one to think that gold and silver will be demanded at a greater rate, but with tightening monetary policy this may be more of a hope than what is actually represented in reality.
While the USD did not perform up to people’s hopes on Monday, there is still plenty of reason to believe that it can maintain a higher standing for the near future at least. It has been a while since the US economy has been operating at this kind of level and it is prompting investors to make moves and purchases that would have been completely out of the question only one year ago.
