Gold Spot Price Open: $1,326
Gold Spot Price Close: $1,303
Change in Gold Spot Price: -$23
Silver Spot Price Open: $20.06
Silver Spot Price Close: $19.68
Change in Silver Spot Price: -$0.38
Gold and silver traded down for a majority of the day and ended up finishing in these downtrodden positions as a result of profit taking and a technical correction following recent gains. When all was said and done, gold lost more than 20 dollars while silver was close to losing a half dollar today.
Profit-taking investors as well as a technical correction doomed precious metals to the losses they recorded today. Even though profit-taking overshadowed safe-haven demand for gold and silver today, most investors are thinking that the duration of the week will see the opposite happen. Tensions in Ukraine are at all-time highs as interim president Oleksandr Turchynov sanctioned the military to oust armed militiamen from buildings and towns along the country’s Eastern border with Russia. Masked militiamen recently overran a military airfield near the town of Kramatorsk and the Ukrainian military was launched today in order to recapture it. Similar operations are taking place in towns and cities across Ukraine’s Eastern border in an attempt to restore order to a country that has been devoid of it for the last few months.
Adding to Ukraine’s issues with regard to civil unrest, the Ukrainian economy is reportedly on the verge of collapse. For this reason and many more investors will continue to closely watch and analyze any and all developments from the crisis in Ukraine.
Currently, spot gold is sitting just barely above the key $1,300 threshold while silver has conceded just about 50 cents over the course of the past day and is currently sitting well below $20/ounce. If safe-haven demand jumps as dramatically as many are thinking it might over the next few days, there is reason to believe that these losses might only be temporary in nature.
