Gold Spot Price Open: $1,603
Gold Spot Price Close: $1,602
Change in Gold Spot Price:-$1
Silver Spot Price Open: $28.84
Silver Spot Price Close: $28.79
Change in Silver Spot Price:-$0.05
Gold and silver both had forgettable days on Tuesday even though conditions suggest that they should have finished stronger. At the end of the day gold was down about a dollar while silver fell by only a few cents.
Despite the situation in Cyprus and US budget cuts, gold still managed to have a rough day. With people all over the world thinking more and more about the future of their money and the prospect of it simply being taken like in the situation with Cyprus, gold and silver should be having a field day, or week. But instead, Tuesday showed both metals being stagnant as their values finished the day barely different than where they had started.
The US dollar continues to have a good run and this is likely part of the reason why gold cannot seem to make a surging breakthrough. As long as the USD and the American economy continue their run of form it will be hard for gold to advance too far beyond the $1,600 threshold. Although, increased uneasiness among traders and citizens in Europe may end up giving precious metals the boost they need. As more and more EU countries scramble for bailouts you can expect a large amount of them to ditch their paper money for something more solid and more reliable, gold and/or silver.
