Posted on May 08, 2014
Gold Spot Price Open: $1,289
Gold Spot Price Close: $1,290
Change in Gold Spot Price: +$1
Silver Spot Price Open: $19.38
Silver Spot Price Close: $19.25
Change in Silver Spot Price: -$0.13
Gold and silver moved in opposite directions but were hovering around even for a majority of the day on Thursday. When all was said and done, gold picked up only about a dollar while silver ended up losing more than 10 cents.
The US Dollar, which has been under a lot of pressure recently due to a surging euro currency, rebounded by the end of the day today. The Dollar was trading at multi-week lows heading into the day but was somehow able to turn things around. Though it never really looked like precious metals were going to make gains on the day, the rebounding US Dollar made sure of it. Having said this, however, the Dollar is definitely still in rough shape after its recent downward trend.
For lack of anything better to do, a lot of investors are continuing to mull over the uneventful nature of yesterday’s European Central Bank meeting. Though the ECB did not choose to institute any type of monetary stimulus at this week’s meeting, most experts feel as though stimulus measures are going to be more or less unavoidable should deflationary pressures continue to be felt as strongly as they are at present.
As we head into the last day of the week there is very little on the slate as far as geopolitical or economic developments are concerned. The market will continue to keep a close eye on Ukraine but after Putin announced yesterday that he would be willing to pursue peaceful measures in an effort to resolve the crisis, safe-haven demand for metals is not quite as strong as it was a few days ago. Nonetheless, Ukraine will be closely watched by a large majority of the investing world as we head into another weekend of relative uncertainty in that region.