Gold Spot Price Open: $1,290
Gold Spot Price Close: $1,304
Change in Gold Spot Price: +$14
Silver Spot Price Open: $19.69
Silver Spot Price Close: $19.80
Change in Silver Spot Price: +$0.11
Gold and silver ended the day and week in positive fashion as investors grow increasingly anxious with regard to the crisis in Ukraine. When all was said and done, gold was up by nearly 15 dollars while silver posted gains of around ten cents. As far as weekly gains go, gold picked up about 10 dollars while silver was able to add about ten cents.
Spot gold and silver were able take advantage of receding equities in the US as well as the growing concern that violence in Ukraine may escalate further. Just yesterday, 5 pro-Russia rebels were killed by the Ukrainian military and today, in response, the Russian military positioned near the Ukrainian border took part in intense military drills as a show of force. These drills also saw Russian fighter jets invade Ukrainian airspace multiple times over the course of the past 24 hours. As we head into the weekend, many investors are expecting that violence will more than likely escalate before it deescalates. This spreading notion has translated into increased safe-haven demand and thus improving gold and silver spot values over the course of the past three days.
When markets open up for business on Monday you can expect that the investing world’s collective attention will remain focused on the situation between Russia and Ukraine. As it stands, there is a division of opinion with regard to what Russia is actually trying to achieve by all this supposed warmongering. On one hand, there are those who believe Russia is gearing up to physically invade eastern Ukraine, on the other hand, however, there are people who think that Russia is merely trying to illustrate just how much control they have over eastern Europe and former Soviet states.
Only time will tell how this crisis will be resolved, but as of now there has been almost no progress and the situation is only deteriorating further.
