Gold Spot Price Open: $1,318
Gold Spot Price Close: $1,319
Change in Gold Spot Price: +$1
Silver Spot Price Open: $20.95
Silver Spot Price Close: $20.99
Change in Silver Spot Price: +$0.04
Gold and silver are continuing to gain momentum as safe-haven demand for the metals seems to be growing by the day. When all was said and done on Tuesday, gold had gained only about a dollar while silver was up by a few pennies and ended the day, once again, just shy of the $21/ounce threshold.
Despite there being a host of US economic reports made public today, none of them had any real affect on the precious metals market. What did give safe-haven demand for metals a slight boost, however, was a somewhat downtrodden report on German consumer sentiment. The latest such report made it very clear that consumer sentiment is on the decline and that the general EU economy may still be in trouble. With the ongoing situations in Iraq and Ukraine taking up most of the headlines, consumer sentiment is not looking like it is on the path to improvement.
As you could have probably guessed, investor attention has remained fixated on the civil war in Iraq for some time now and does not look like it is going anywhere. The violence only seems to be getting worse with each passing day as very few foreign countries have even attempted to intervene yet. What was a time of relative peace for Iraq a few weeks ago has quickly devolved into all-out war throughout much of the country. Risk aversion as a result of the violence has been on the rise as many investors are preferring safe-haven gold and silver and other generally less risky investments. The rest of the week will more than likely see the marketplace continue analyzing and picking apart the situation in Iraq as very few other noteworthy geopolitical or economic events are scheduled to surface over the course of the next few days.
