Gold Spot Price Open: $1,297
Gold Spot Price Close: $1,296
Change in Gold Spot Price: +$1
Silver Spot Price Open: $19.62
Silver Spot Price Close: $19.56
Change in Silver Spot Price: -$0.06
Gold and silver experienced mixed results on Tuesday but were clearly feeling technically related selling pressures for a majority of the day. When all was said and done, gold picked up a dollar, maybe even a little less, while silver declined by little more than five cents.
Today did not feature a flurry of investing activity as a majority of the investing world is waiting on some key economic data which is expected to be released starting tomorrow and throughout the duration of the week. Also on the schedule for tomorrow is the post-FOMC meeting press conference, headed by Federal Reserve chairperson Janet Yellen. At this juncture it is more than likely that tomorrow’s press conference will yield an announcement with regard to the further reducing of Quantitative Easing.
Also on the slate for tomorrow is the United States’ latest Gross Domestic Product report. Tomorrow’s GDP report will be complemented by a Chinese manufacturing report that is sure to catch the investing world’s attention. After recent reports have done nothing other than paint a picture of a struggling Chinese economy, investors will want to find out if that tide is shifting or if we can expect much of the same from China economically. Finally, the week will be capped off with the US Labor Department’s latest monthly jobs report. If the week’s worth of US economic data comes back better than the expectations of the market, it is likely that the stock market rally we witnessed today will carry over into next week. Having said that, however, tensions across Ukraine are still at very high levels and are not going away. The crisis in Eastern Europe will continue to be an important geopolitical event that stands a very high likelihood of further altering precious metals spot values.
The fact that rallying stocks today did not put more downward pressure on gold and silver can more than likely be attributed to safe-haven demand keeping precious metals afloat. This has been the case for the past few weeks and while safe-haven demand has done little in the way of uplifting spot gold and silver, it has done a whole lot with regard to preventing spot values from declining at a rapid pace.
