Gold Spot Price Open: $1,259
Gold Spot Price Close: $1,242
Change in Gold Spot Price: -$17
Silver Spot Price Open: $19.77
Silver Spot Price Close: $19.41
Change in Silver Spot Price:-$0.36
As tensions rise in Egypt it looked as though gold and silver were going to make some decent gains on the day, though after a solid morning things began fading quickly for precious metals. At the end of the day gold lost about 17 dollars while silver lost 36 cents.
Egyptian citizens are taking to the streets in droves in protest of their country’s governing body. Even more protesters hit the streets on Tuesday than on Monday, which is a testament to how strongly the general Egyptian public feels about their government. There was even some news circulating that the Egyptian military has called for the president to step down. If the situation in Egypt turns violent in the coming days, which it very well might, you can expect to see a rise in safe-haven demand for gold and silver; something we have not seen for a while.
Apart from the ongoing situations in the Middle East and Brazil, Wednesday is shaping up to be a quiet day of trading as many people in the US will be taking the day off in preparation for the Independence Day holiday. Though tomorrow may be a quiet one, a key US Jobs report is due out on Friday and that will undoubtedly catch the attention of all types of investors.
While precious metals both recorded losses on Tuesday, investors in gold and silver will be happy to know that worldwide demand is on the up and up. In Asia, where demand for gold has been historically low this summer, incredibly downtrodden spot prices have finally brought out the bargain-hunters. Barring any bad news or further good runs from the US Dollar, gold and silver could potentially see gains in the latter part of this week.
