Gold Spot Price Open: $1,334
Gold Spot Price Close: $1,345
Change in Gold Spot Price: +$11
Silver Spot Price Open: $20.57
Silver Spot Price Close: $20.54
Change in Silver Spot Price:-$0.03
Gold and silver experienced mixed results on Tuesday though both metals did not stray too far from where they began the day. All in all gold picked up about 11 dollars while silver lost just about 3 pennies.
There are very few economic news stories due out this week which likely means it will be a dull remaining 3 days of the business week. After both gold and silver made solid gains yesterday, the beginning of the day saw both metals partake in a corrective pullback. In the early morning hours silver had losses as high as a quarter of a dollar while gold had slipped, at one point, to the tune of about ten dollars. By the end of the day these losses disappeared for the most part while gold actually ended the day making small gains.
The only market-relevant news story that was released on the day circled around the Indian government placing more restrictions on the importation of precious metals. Only a short while ago we announced that the government of India had placed higher tariffs on imported gold, something that greatly drove down the demand for physical gold in the country. Now, after physical demand has picked up a little bit, the Indian government feels that it is necessary to further restrict foreign gold from reaching its shores in an effort to reduce a current account deficit. This piece of news, while important, really ended up having little to no effect on the spot values of gold and silver.
For the second day in a row the US Dollar Index was weak as this was perhaps the only facet of news that could have helped the spot value of gold and silver. Investors of precious metals can be happy about the week as it has gone so far, though they will be keen on seeing the spot price of gold stay above $1,300 and the spot price of silver stay above $20.
