Gold Spot Price Open: $1,314
Gold Spot Price Close: $1,315
Change in Gold Spot Price: +$1
Silver Spot Price Open: $20.81
Silver Spot Price Close: $20.91
Change in Silver Spot Price: +$0.10
After losing some of the value they gained yesterday during the overnight hours, gold and silver were able to rebound and continue edging higher for a majority the day today. When all was said and done, gold settled having gained just a single dollars while silver was able to pick up ten cents an edge very close to $21/ounce.
Gold and silver continued to edge higher thanks to many of the same factors that have been helping push metals along throughout much of this week. Violence in Iraq is still a daily headline and is only seeming to grow more widespread with each passing day. Despite the US pledging some military assistance, it has done nothing in the way of thwarting the advancing ISIS militant group which continues to advance towards Baghdad. Investors are heading into this weekend unsure of how the situation in Iraq will unfold and, as such, are getting their hands on as much gold and silver as they possibly can.
What’s more, investors are continuing to focus on what Janet Yellen had to say earlier this week with regard to low interest rates. In her post-FOMC meeting statement, Ms. Yellen made it clear that interest rates are going to remain low until she and the rest of the Fed sees valid reason to raise them. Just her alluding to the fact that interest rates will remain low for the foreseeable was enough for investors to flee back to safe-haven precious metals and abandon any riskier assets they may have accrued over the past few weeks.
When markets reopen early next week all signs are pointing towards the marketplace continuing to focus on every development in the Middle East. Additionally, investors will be eager to find out how Ukraine will react once Gazprom finally shuts off its gas supply
