Gold Spot Price Open: $1,342
Gold Spot Price Close: $1,330
Change in Gold Spot Price: -$12
Silver Spot Price Open: $20.89
Silver Spot Price Close: $20.37
Change in Silver Spot Price: -$0.52
Gold and silver are trading lower yet again on Thursday after the market has had some time to digest Janet Yellen’s comments to press in the wake of the FOMC’s meeting yesterday. When all was said and done, gold lost 12 dollars while silver lost 52 around cents.
After seeing spot gold and silver take a dive for the fourth consecutive day this week, investors will naturally be wondering when metals will be given a break. Luckily, there is somewhat upbeats news to take away from the past few days’ losses, and that is the fact that sellers might have finally worn themselves out. To put it simply, the lure to sell physical gold and silver is not nearly what it was when metals started the week at such high spot values.
With that being said, however, the surging US Dollar will continue to put heavy pressure on precious metals, making any amount of gains difficult for gold and silver to achieve this week.
Janet Yellen alluding that interest rates in the US may be raised only a short time after Quantitative Easing is set to be completed worked to lift the US Dollar even more today. Though her comments are with regard to events happening more than a year from now, the market perked up and paid attention nonetheless. Despite her limited amount of time in charge of the Fed, it seems as though Yellen may be a bit more transparent about future Fed decisions than Bernanke ever was, which is a good sign for the market.
As it stands, the crisis in Ukraine is fading more and more into the background as very few developments have come as a result of the matter this week. There are reports that a larger contingent of Russian troops are amassing nearing the Russian-Ukrainian border, but without a breakout of violence it is likely that the entire situation will continue to be ignored.