Posted on April 23, 2013
Gold Spot Price Open: $1,423
Gold Spot Price Close: $1,415
Change in Gold Spot Price:-$8
Silver Spot Price Open: $23.40
Silver Spot Price Close: $23.00
Change in Silver Spot Price:-$0.40
Gold and silver both hit speed bumps on Tuesday as losses nearly cancelled out Monday’s gains. When all was said and done gold was down about 8 dollars while silver dropped 40 cents.
The US Dollar is the main culprit behind why gold and silver had bad runs on Tuesday, after showing stronger than expected data. The US dollar was the reason why gold and silver saw slow days, but the reason behind the USD’s recent successes stems from different corners of the earth. Both Europe and China have been emitting sub-par economic data as of late, and reduced investor confidence in those two economies means that the dollar is in the perfect position to see gains.
Despite these two economies slowing down, thus driving up the dollar, India is at the center of physical gold demand. Ever since precious metals took a dive, Indians have been buying up metals in their various forms at such cheap prices. In fact, all throughout India, precious metals dealers have been running out of smaller bars of both gold and silver. In India, May is a month where a gift-giving celebration is an obvious factor in why gold and silver bars have been selling out.
In addition to gold being down on Tuesday, Crude oil price were down as well which shows the marketplace that it isn’t just precious metals that have been losing out to the USD as of late.