Posted on June 06, 2013
Gold Spot Price Open: $1,404
Gold Spot Price Close: $1,413
Change in Gold Spot Price:+$9
Silver Spot Price Open: $22.64
Silver Spot Price Close: $22.67
Change in Silver Spot Price:+$0.03
Gold and silver were able to post modest gains on Thursday, though gains could have been much better if metals finished at their daily highs. When all was said and done gold picked up about 9 dollars while silver gained about 3 pennies.
Both the US Dollar Index and US stocks had rough days which was enough to see gold and silver make positive gains, all be them minimally positive, as soon as the day began. The USD continued to fall throughout the day but US stocks were able to rebound a bit which is the main reason precious metals ended up finishing down a bit from their daily highs which, for gold, was near +$20 at one point.
Tomorrow, investors and market watchers will fixate their attention on the US as the government is set to release its monthly employment report. This report is arguably the most significant released all month and this time around all data is expected to be positive. It is anticipated that nearly 200,000 non-farm jobs will have been added this past May while the unemployment rate is expected to be reported as staying the same, at about 7.5%.
While we did see the Bank of England and the European Central Bank hold respective meetings, neither of them produced much news at all. Both entities announced that monetary policy and interest rates will go unchanged for their respective regions. The only good news to report out of Europe today is the fact that the euro currency made gains against the Dollar.
In the overnight hours Wednesday into Thursday the Japanese Nikeei Index fell yet again. This time it dropped below the 13,000 level for the first time since this past April. It seems as though it just hasn’t been Asia’s weeks as both Japanese and Chinese markets have suffered throughout the duration. Maybe tomorrow will see Asian markets turn things around, though this seems unlikely.