Posted on April 05, 2013
Gold Spot Price Open: $1,549
Gold Spot Price Close: $1,583
Change in Gold Spot Price:+$34
Silver Spot Price Open: $26.80
Silver Spot Price Close: $27.24
Change in Silver Spot Price:+$0.44
Friday saw gold and silver wipe out some of their early week losses, but not enough to bring them back to where they were on Monday. Gold was up about 34 dollars while silver finished up just 6 cents shy of a half dollar.
Sub-par economic data out of the United States help precious metals have a good day on Friday. One of the key components of this dismal data was the fact that the US created under 100,000 jobs during March. This number is the lowest amount of jobs created in almost an entire year, and over 100,000 jobs less than people had expected. The official unemployment rate rose by only one tenth of a percent, but it is the first time it has risen in a decent amount of time.
As soon as this Labor Department data was release, gold and silver shot straight up. During any other week the gains we saw precious metals make today would have meant for satisfied investors, but due to the early week losses these gains only make the week a little less disappointing. On the bright side, market experts believe that this upward trend will continue into the early parts of next week.
A Chinese report on their exports and inflation levels are going to be out for the public to peruse on Tuesday and Wednesday. This news, be it good or bad, will almost assuredly have an affect on precious metals one way or the other. China has been under performing as of late so this report will be a good indication of where the huge Asian nation is heading as far as their economy is concerned.