Gold Spot Price Open: $1,245
Gold Spot Price Close: $1,245
Change in Gold Spot Price: NO CHANGE
Silver Spot Price Open: $18.82
Silver Spot Price Close: $18.88
Change in Silver Spot Price: +$0.06
Gold and silver traded mostly sideways on Wednesday as investors are continuing to hold their positions ahead of Thursday’s European Central Bank policy meeting. When all was said and done, gold ended in about the same position as where it started, while silver picked up a bit more than a nickel.
While there is no denying that investors all over the world are still anxious to hear about tomorrow’s ECB meeting, today emitted a good bit of US economic data. Shortly after markets opened today, the US ADP employment report for May was released and showed weaker than expected job growth last month. Compared to market expectations of more than 215,000 jobs added in May, the report showed that less than 180,000 were added. This news initially gave precious metals a boost, but as has been the case recently, those gains were eventually eliminated by the time markets closed.
The Fed’s beige book was also released today, but it ended up having little to no impact on the spot values of gold and silver. There was also some light economic news from the European Union, but this also had little impact on gold nor silver. Tomorrow is without a doubt the most important day of this week and will finally bring about the European Central Bank’s policy meeting for May. As has been the case since last month, investors are expecting to hear the ECB’s plans for more monetary stimulus to be instituted sometime in the near future. There are mixed feelings with regard to how potential monetary stimulus will affect precious metals, but we will just have to wait it out and see what the ECB decides.
