Gold Spot Price Open: $1,590
Gold Spot Price Close: $1,591
Change in Gold Spot Price: +$1
Silver Spot Price Open: $28.97
Silver Spot Price Close: $28.84
Change in Silver Spot Price:-$0.13
Even though gold was able to finish around its daily high on Thursday, gains were still unassertive, to say the least. There was a mixbag results for metals as gold finished up only about a dollar while silver fell to about 13 cents.
The dollar continues its recent run of strength which is one of the main factors behind gold’s muted results as of late. When you take into account the fact that the USD is doing better now than it has in recent memory, gold and silver have been faring ok. Usually whenever the dollar is strengthened like we’ve seen lately, precious metals take a direct and succinct nosedive. In addition to a stronger dollar the US economy in general has surpassed expectations for the early part of 2013 which gives even more credibility that metals are putting up a solid fight.
An auction of bonds in Spain that was held over the course of Wednesday and Thursday proved to be positive and thus so too did Eurozone stocks in general. Do not get your hopes up for Europe’s economy quite yet because recent employment reports show that unemployment rates are still on the rise.
Both gold and silver futures for the upcoming months were positive come closing time on Thursday, which gives at least some hope that the metals will start to perform a bit better sometime soon. While Thursday’s futures finished well, the recent trends for metals futures have been stagnant. This seems to be the story with just about anything surrounding metals lately; they aren’t taking dives, but their performance is nothing to write home about either.
Jobless reports indicated that unemployment has reached its lowest level in just about half a decade. This is great news for the average American as it seems the American economy is beginning to fire on all cylinders.
