Posted on April 29, 2013
Gold Spot Price Open: $1,466
Gold Spot Price Close: $1,478
Change in Gold Spot Price:+$12
Silver Spot Price Open: $24.11
Silver Spot Price Close: $24.64
Change in Silver Spot Price:+$0.53
Gold and Silver picked up this week where they left last one finishing with good results at the end of the day on Monday. When all was said and done gold was up about twelve dollars while silver gained about three pennies over a half dollar.
One reason that gold was boosted upward today was due to the fact that many believe that the European Central Bank is going to enact measures to reduce interest rates sometime this week. Additionally, the US Fed is going to continue on forward with its bond buying as economic results as of late are not as bad as many had thought they might be. But at the end of the day, the major reason behind precious metals continuing this hot streak is due to the fact that spot values are still considerably lower now than they were only a few weeks ago. Demand, worldwide, is at a momentary peak and we are seeing that in the recent daily closing values for both gold and silver ever since the huge collapse a few weeks back.
Later on this week, specifically on Friday, investors will focus their attention on a US jobs report that is set to be released. After a decline in the unemployment rate during February and March, the numbers have grown increasingly disappointing and it will be exciting to see what the numbers have to say for themselves this time around. It seems as though many are expecting a disappointing report, but only time can say for certain.