Gold Spot Price Open: $1,299
Gold Spot Price Close: $1,336
Change in Gold Spot Price: +$37
Silver Spot Price Open: $19.63
Silver Spot Price Close: $20.60
Change in Silver Spot Price:+$0.97
Gold and silver made some of the most impressive gains we have seen in weeks to start this 5 day trading session. When all was said and done gold picked up just three dollars shy of 40 dollars while silver made gains that were just a few pennies short of a whole dollar.
Right out of the gate a lower USD Index helped give gold and silver the room the metals needed in order to surge forward. Within an hour of US markets opening gold had already made gains of more than 20 dollars which gave investors a lot of hope for the day and week as wholes.
It took a weekend for the marketplace to digest the remarks Fed Chairman Ben Bernanke made last week, and in the end his remarks helped boost consumer confidence in precious metals. Now that investors and market watchers around the world are confident that they cannot be confident about the future of monetary policy in the United States, safe-haven gold is looking like more of an attractive investment option. Now it comes time for investors to once again fixate their attention to the US economy as Bernanke made it as clear as possible that the economy is the main determinant in the future of monetary policy, specifically Quantitative Easing.
The fact that the US Dollar Index hit its lowest point in about a month also boosted the prospects of gold and silver and many are hoping that the Index will stay downtrodden for the rest of the week in order to aid precious metals’ surge forward. As this week is one with very few major economic news stories, all eyes will be focused on how the US Dollar is doing as well as other key outside markets.
