Posted on April 09, 2013
Gold Spot Price Open: $1,573
Gold Spot Price Close: $1,586
Change in Gold Spot Price:+$13
Silver Spot Price Open: $27.23
Silver Spot Price Close: $28.01
Change in Silver Spot Price:+$0.78
Gold and silver both experienced positive days on Tuesday as both metals happened to make significant gains. Gold picked up about 13 dollars while silver was able to manage gains of about 78 cents.
Due to the relatively low price of gold, thanks to last week’s dives, bargain hunters were out in full force on Tuesday. These bargain hunters scooped up massive quantities of the yellow metal which caused the value to increase by a respectable margin. What most people in the United States are really looking forward to is the upcoming Federal Open Market Committee meeting notes that will be released tomorrow. Although, to be fair, not much is expected upon the released of said notes.
Gold is looking a lot more attractive throughout Asia due to the Japanese Central Bank’s continuous devaluation of the Yen. The Yen hit historic lows in comparison to the dollar and is expected to continue to fall, but this is all part of Japan’s plan. As Japan and the US both continue to pursue policies that bring down the value of their currencies, some are expecting the eurozone to follow suit. Economic experts are afraid of widespread currency devaluations, but they really only mean that more people will be turning to gold and silver and thus their values will rise. There is little factual evidence to back up the claim that the euro is to be devalued, but the current economic situation in the region means that such tactics are most assuredly not out of the question.
Tuesday also saw the US dollar take a bit of a dive, but not a dip in value that is of any real significance.