Gold Spot Price Open: $1,316
Gold Spot Price Close: $1,318
Change in Gold Spot Price: +$2
Silver Spot Price Open: $21.17
Silver Spot Price Close: $21.02
Change in Silver Spot Price: -$0.15
Gold and silver spot values experienced mixed results on Friday but ended up making this the second consecutive week of positive gains for the first time in more than a month and a half. When all was said and done, gold added a few dollars while silver declined by about 15 cents.
The last day of this week, as had been the case in the four previous to it, ended up yielding almost no meaningful economic data. Instead, the market held steady and saw focus continue to be placed on the ongoing situation in Iraq. Despite a lack of any meaningful headlines stemming from the Iraqi civil war this week, investors have kept the a close eye on the Middle Eastern nation. In addition, US military advisers have reportedly touched down in Baghdad and have already provided their services to the decimated Iraqi security force. There are few doubts that this situation will get worse before it gets any better and, as such, will continue to capture a lot of the marketplace’s attention.
In other news, this time from Europe, a two-day EU summit with regard to Ukraine wrapped up today and brought about the potential for fresh sanctions to be levied against Russia. EU officials came out today and offered Russia a 3-day ultimatum that expires at the end of the weekend. The ultimatum calls upon pro-Russian rebels to return border posts and hostages that have been seized throughout the turmoil and violence that has encompassed Ukraine over the past 3 months or more. If Russia does not help in facilitating the demands of the EU, new economic sanctions will be placed on Russia as early as next week. The potential for new tension in Ukraine has caught the market’s attention and will likely continue doing so throughout the weekend and into the early parts of next week.
This week, generally speaking, saw gold and silver spot values benefit from a US Dollar Index that continued to edge lower, closer to a flat $80. Only a few weeks ago, precious metals were being pressured by a USD Index that surged above $81.10, but recently sub-par economic data in conjunction with tensions and violence across the world have done a good job of bringing the USD back down to earth. So long as the greenback is trading lower, most market analysts agree that all signs are pointing towards a gold and silver market that will continue to build upon its current momentum.
