Gold Spot Price Open: $1,377
Gold Spot Price Close: $1,389
Change in Gold Spot Price:+$12
Silver Spot Price Open: $23.25
Silver Spot Price Close: $23.22
Change in Silver Spot Price:-$0.03
Gold had a stellar day while silver remained relatively stagnant on Thursday. When all was said and done gold picked up about 12 dollars whereas silver dropped about 3 cents.
Gold and silver, due to their recently low prices, have been being bought up like crazy. Finally the enormous amount of people making purchases has spurred the spot value of gold forward. A weakening economy in the United States, as indicated by reports that were released on Thursday, has also done its part in pushing gold forward on Thursday. The US dollar was down again on Thursday as it seems as though the dollar’s run of strength is coming to an end.
The IMF reported that the global economic forecast is looking less than promising for many of the major economies across the world. It is not so much that the major economies will decline, although some definitely will, as much as it is they will grow at a snail’s pace, or simply not grow at all. Slow growth in the economic sector could have great implications for gold and silver. A Group of 20 meeting is going to take place in Washington DC and as is always the case with these global meetings, the market watchers of the world will be watching closely.
Tomorrow brings to an end what has been yet another tumultuous week for precious metals and barring some miracle, the ending numbers will be disappointing to investors everywhere.
