Gold Spot Price Open: $1,473
Gold Spot Price Close: $1,459
Change in Gold Spot Price:-$14
Silver Spot Price Open: $24.33
Silver Spot Price Close: $23.69
Change in Silver Spot Price:-$0.64
Gold and silver more or less relinquished Monday and Tuesdays gains with decent losses on Wednesday. Gold was down about 14 dollars while silver fell about 64 cents.
The big news on Wednesday was the conclusion of the Federal Reserve FOMC two-day meetings. While some people had thought that the meeting would center around the ending of Quantitative Easing, but no shocking news was released. There was no clear word if or when QE is going to be stopped in the United States, but that does not mean it is going to last forever.
News that is still circulating around the marketplace is that the European Central Bank is going to announce the slashing of interest rates in the region. The entire eurozone combined economy has been incredibly weak as of late which makes interest rate cutting a sensible option. Only time will tell, however, if cutting interest rates is going to help Europe out of these tough economic times. Since a large part of Asia was celebrating a holiday on Wednesday it is no surprise that numbers were down, as was trading.
Let’s see if metals can turn things around tomorrow amid the slew of news that is going to be released tomorrow.