Gold Spot Price Open: $1,282
Gold Spot Price Close: $1,286
Change in Gold Spot Price: +$4
Silver Spot Price Open: $20.03
Silver Spot Price Close: $19.97
Change in Silver Spot Price:-$0.06
Gold and silver experienced some mixed results on the last day of the week as a corrective bounce is to blame. After a few days of solid gains Friday saw gold only manage to gain about 4 dollars while silver actually lost about 6 cents.
Asian markets have been showing mixed, yet dull results as of late. Perhaps this weeks slow trading in Asia is due to the fact that most investors are awaiting China’s second-quarter GDP report that is due out Monday. It seems as though China will be expecting a weaker report seeing as the country’s finance minister said slower economic growth would not be the end of the world for the country. Despite a potentially disappointing report on Monday, China is still one of the world’s best economies and is able to dwarf the production output of many others.
A report out of India stated that imports of gold and silver in June were barely half of the amount seen this past May. This is a direct result of a newly placed tariff on all imports of precious metals in an effort to shy away from foreign gold and silver and focus more on domestically produced metals. So far this tariff is working as it was intended, but it is definitely making gold and silver more expensive for the average Indian.
Something else that is not helping gold and silver’s prospects is a higher US Dollar Index on Friday. This whole week has seen the USD Index go up and down and back up again, and each and every time gold and silver have interacted inversely with it. If it weren’t for a higher USD Index today, perhaps gold and silver would have ended the week on a more positive note.
