Posted on April 30, 2013
Gold Spot Price Open: $1,468
Gold Spot Price Close: $1,479
Change in Gold Spot Price:+$11
Silver Spot Price Open: $24.21
Silver Spot Price Close: $24.37
Change in Silver Spot Price:+$0.16
Gold and silver posted modest gains on Tuesday as investors are happy with any ending numbers that aren’t losses. At the end of the day gold was up about 11 dollars while silver gained about 16 cents.
Disappointing economic news has stemmed from Europe yet again as the unemployment rate throughout the EU rose this past March. If unemployment rates were not bad enough news, Europeans were even more upset to hear that retail sales in Germany fell during March. These events seem to add to the thought that the European Central Bank is going to cut interest rates at their meeting on Thursday. It is not certain that interest rates will be cut, but many people are as close to sure as they can be that rates will be decreased. Currently, the interest rates are too high to spur any sort of economic activity in a region of the world that has been downtrodden as of late as far as the economy goes.
The rise in value of gold and silver today is still being attributed to the lower price of both gold and silver. Bargain hunters are still out there in full force and will be so long as gold is hovering under the $1,500 mark. It makes sense that bargain hunters are everywhere because only a few weeks ago the price of gold was roughly $100 more than it is right now. It is hard to believe that people are going to shy away from precious metals at such low prices.