Gold Spot Price Open: $1,273
Gold Spot Price Close: $1,319
Change in Gold Spot Price: +$46
Silver Spot Price Open: $19.83
Silver Spot Price Close: $20.85
Change in Silver Spot Price: +$1.02
Gold and silver spot values began surging forward shortly after markets opened today and ended near 2-month highs. When all was said and done, gold picked up more than 45 dollars while silver was able to gain a few pennies more than a dollars. Now, gold is back above the key $1,300 resistance level while silver has once more eclipsed $20/ounce.
The civil war in Iraq remains on the minds of investors everywhere as things are only deteriorating further. President Obama, in a statement made today, said that he is sending military advisers to Iraq and is not currently ruling out other military action. Safe-haven demand for gold and silver, which has been on the rise for the past week or more, was yet another bullish factor for metals on a day when all things were looking up for gold and silver.
In addition to the continuous attention being placed on Iraq, investors also used the day to mull over yesterday’s FOMC statement and Janet Yellen’s address to media. The FOMC, as expected, announced that they are going to continue tapering Quantitative Easing by $10 billion per month. Investors had little reaction to that statement, but when Janet Yellen restated that she is not keen on raising interest rates anytime soon, investors began flocking back to the gold and silver investment they left behind a few weeks ago in order to chase riskier, more appealing assets.
The US Dollar was also seen falling and hit a four-week low today. Now, as investors sit back and reflect on what has been a hectic day, it is clear to see that the precious metals bulls are in control of the market. It will be interesting to see what direction spot values head on the last day of the week.
