Gold Spot Price Open: $1,320
Gold Spot Price Close: $1,320
Change in Gold Spot Price: NO CHANGE
Silver Spot Price Open: $21.07
Silver Spot Price Close: $21.08
Change in Silver Spot Price: +$0.01
After some profit-taking made an appearance earlier in the morning, gold and silver spot values bounced back to finish the day mostly unchanged. When all was said and done, gold made no gains while silver was only able to add a few pennies.
Profit-taking from recent gains saw gold and silver begin the day feeling some pressure, but lackluster US economic data helped bring spot values back up to par. Today played host to the United States’ 1st quarter GDP report, a report that showed the largest year on year decline in a few years. Officially, it was reported that US 1st quarter GDP fell by nearly 3%. This news acted to reinforce the growing belief that perhaps the Fed should slow down the rate at which they are tapering Quantitative Easing. While the Fed has not so much as alluded to them possibly reducing their current course of tapering, recent economic data has been begging the question.
In addition to today’s poor 1st quarter GDP report, the marketplace was also dealt a report that showed a 1% decline in durable goods orders in May. All of this poor economic data stemming from the United States acted as an underlying bullish factor for precious metals today.
As expected, the investing world is continuing to focus on the violence in Iraq. The first US military advisers are reportedly on the ground in Baghdad, though it is still unclear what kind of advising they will be doing. Still, the situation is far from resolved and will more than likely remain the foremost concern of the marketplace. Risk-aversion is still a major factor in the marketplace and will more than likely continue to be so long as tensions and violence abound in Ukraine and Iraq.
