Gold Spot Price Open: $1,599
Gold Spot Price Close: $1,601
Change in Gold Spot Price:+$2
Silver Spot Price Open: $28.38
Silver Spot Price Close: $28.05
Change in Silver Spot Price:-$0.33
Both precious metals had an off day to start the week although this news did not come as a surprise to many. At the end of the day gold stayed about the same, only improving by about 2 dollars. Silver went the other direction on Monday after it dropped about 33 cents, quite the loss.
Despite the seemingly sub-par results, gold was able to gain some ground by the time the day had closed after reports that the Fed’s Quantitative Easing policy is doing a good job of weakening the USD, although it may not seem as such. The situation in Korea, which we touched on a bit to end the week last week, has not changed as of yet, but tensions are still quite high across the peninsula. The threat of an outbreak of war has caused the market to see some people choosing the safe route by putting their assets into the yellow metal. Ours eyes will remain justifiably fixated on the region as changes can happen at the drop of a hat.
There was some fresh news about the US economy released on Monday, but overall it had little impact on gold or silver. If it had any bearing at all on Monday’s results, it helped precious metals because weak economic data almost always spurs some newfound, short-sighted demand for gold. If you are wondering why Europe has not been mentioned today despite all the recent news stories circling the region it is because a majority of the continent took Monday off as they are still celebrating the Easter holiday.
As tuesday opens up expect a more exciting atmosphere than what we witnessed today, especially over in Europe where economic crisis is still in full swing.
