Posted on May 02, 2014
Gold Spot Price Open: $1,285
Gold Spot Price Close: $1,301
Change in Gold Spot Price: +$16
Silver Spot Price Open: $19.11
Silver Spot Price Close: $19.57
Change in Silver Spot Price: +$0.46
Spot gold and silver ended up moving sharply upward on the final day of what has been a fairly busy trading week. When all was said and done, gold picked up about 16 dollars while silver gained close to fifty cents. Despite pretty solid gains being made by both gold and silver today, both metals will end the week in worse positions than where they began it.
The biggest piece of news on the slate today was the release of the US Labor Department’s latest non-farm payrolls for April. Compared to market expectations that were prepared to see non-farm payroll growth fall in the 200,000-215,000 range, the actual figures showed that non-farm payrolls rose by more than 280,000. Gold and silver spot values declined almost as soon as the data was made public, but overturned those losses quickly en route to their serious upward swing.
Investors were dealt mixed signals from a US economic standpoint this week as some pieces of data beat expectations while others fell short. The 1st-quarter GDP report was released on Wednesday and showed first quarter GDP growth that only marginally beat last year’s. Shortly thereafter on Wednesday the FOMC, during their post-meeting press conference, once again reiterated its positive outlook on the US economy. This news hurt gold and silver, but only momentarily as they finished the week in strong fashion.
As we head into the weekend the investing world will continue to pay attention to Ukraine as tensions are still quite high. Though the Ukrainian military has more or less sat on its hands for the past week or so, it was reported today that they are deploying troops in order to regain occupied parts of east Ukraine. As was the case last week, investors will be heading into this weekend extremely unsure as to what will happen in Ukraine over the weekend. The safe-haven demand stemming from investor uneasiness with regard to Ukraine is another contributing factor to precious metals’ gains this week.