Posted on May 23, 2014
Gold Spot Price Open: $1,295
Gold Spot Price Close: $1,293
Change in Gold Spot Price: -$2
Silver Spot Price Open: $19.57
Silver Spot Price Close: $19.48
Change in Silver Spot Price: -$0.09
The spot values of gold and silver fell slightly on Friday after giving way to advancing equities and a stronger US Dollar. When all was said and done, gold lost only a few dollars while silver posted losses closer to ten cents.
Since the early and middle parts of March, gold has now declined in value by more than 5% and is slowly but surely losing momentum. Not helping precious metals at all on Friday was a report from the United States claiming that sales of new homes has been on the rise as of late. This news only worked to push equities as well as the US Dollar higher. In fact, the USD hit a nearly 2-month high against the euro in the early morning trading hours of Friday.
There are a few key events for investors to pay attention to over the weekend, most notable of which is the EU parliamentary election results. The EU election results will be complemented on Sunday by the first official Ukrainian presidential vote since before the crisis took a firm grasp on the nation. The elections in Ukraine are especially important for the precious metals market as they very well just might determine in what direction silver and gold head over the course of the next few weeks. On one hand, a new election followed by more violence may be enough to see gold and silver break through key resistance levels once again. With that said, however, a new Ukrainian president who somehow manages to resolve the crisis peacefully may spell doom for precious metals, which may then see spot values peg even lower than they are currently.
Monday will see most UK and US investors still taking part in weekend activities due to the celebration of the Memorial Day holiday. On Tuesday, however, you can expect that the market will be busy digesting and reacting to the events of what is now an uncertain weekend.