Gold Spot Price Open: $1,253
Gold Spot Price Close: $1,253
Change in Gold Spot Price: NO CHANGE
Silver Spot Price Open: $19.10
Silver Spot Price Close: $19.13
Change in Silver Spot Price: +$0.03
Gold and silver spot values traded sideways for a majority of the day and closed not too far from where they opened. When all was said and done, gold remained stagnant while silver was able to pick up a few pennies.
This week will not play host to anything resembling the plethora of economic data investors saw throughout last week, but it will prove to be just as important. US and world equity markets are still edging higher and this is continuing to put pressure on gold and silver, preventing them from making any significant gains. Bargain-hunters hit the market today, but bargain-hunting buying alone will likely not be enough to help metals outpace equities.
A lack of any fundamental inputs expected this week is not helping precious metals at all. The next few days are shaping up to be just as quiet as today and we are not anticipating any economic data until Thursday’s release of the United States’ weekly jobless claims report. The current stock market rally we are seeing in a handful of major economies across the world has been going strong for more than two weeks now and has been putting constant pressure on gold and silver. So long as interest in higher risk assets like stocks persists, precious metals will have a tough time making much of any progress.
Higher crude oil prices were slightly bullish for metals today, but like most bullish factors recently, they had a negligible impact on the spot values of precious metals. The US Dollar was also trading higher today and has been doing very well over the past few weeks. A weaker euro currency as a result of recent stimulus measures in Europe will make it easier for the Dollar to continue to grow stronger.
