Gold Spot Price Open: $1,376
Gold Spot Price Close: $1,391
Change in Gold Spot Price:+$15
Silver Spot Price Open: $22.66
Silver Spot Price Close: $22.64
Change in Silver Spot Price:-$0.02
Gold and silver had mixed results on Thursday, though as a whole the day was not completely lost for precious metals. Gold picked up about 15 dollars while silver remained fairly flat having lost only two cents.
As the US stock market ended in disappointing fashion yesterday, it prompted both European and Japanese stocks to do the same today. As the Japanese Nikkei fell for the first time in a while, gold was finally able to make positive moves forward. Though gold did improve by under 20 dollars it was still the largest such gain we have seen in what seems like a long while.
I would not go expecting extended gains as the Japanese Yen is in the midst of being devalued which naturally boosts the stock market considerably.
Something else that boosted gold on Thursday was the fact that Chinese manufacturing data came back even worse than expected. In fact, the data alluded to the fact that China’s manufacturing data has contracted instead of grown which gives more credence to the fact that the Chinese economy is slowing down at an increasing rate. Both this story and the news of a decline in the Japanese stock market were enough to give gold a bit of a safe-haven asset boost. In economic times like these investors have been much more interested in world stock markets than any sort of hard assets like gold and silver which makes precious metal’s recent decline more expected than anything.
As we head into the last day of the week, it will be interesting to see if gold can build on these gains or if it will fall right back into the same rut i t was in since the week started.
