Gold Spot Price Open: $1,336
Gold Spot Price Close: $1,322
Change in Gold Spot Price: -$14
Silver Spot Price Open: $20.37
Silver Spot Price Close: $20.23
Change in Silver Spot Price:-$0.14
Gold and silver suffered small losses on Wednesday as some of the outside markets that were helping precious metals out on Monday and Tuesday seemed to be moving in different directions. By the end of the day gold lost about 14 dollars while silver lost the same amount of pennies.
As you might have expected, the US Dollar Index rebounded today and thanks to some higher values there gold and silver fell in value almost immediately once the day started. It is unknown, at this point, whether the US Dollar Index will retain its gains or even build upon them, though many people are pointing in the direction of the USD Index hanging on to its gains today.
China’s Purchasing manager’s Index has fallen yet again this past June, this time by even further than expected. The latest 47.7 reading of the Chinese PMI suggests that the Chinese economy is experiencing worsening contraction. This 47.7 mark in June is down from a 48.2 mark that was recorded this past May. With stock readings and overall economic readings growing more and more downtrodden in China, many people are convinced that the large Asian nation’s government is going to employ some sort of economic stimulus in the near future. It is unclear whether stimulus measures will be implemented somewhere in the near future or somewhere far down the road, but it is becoming more and more evident that China is in dire need of some assistance as far as their economy is concerned.
In Europe the Purchasing Manager’s Index actually improved to a point that suggests the broad European economy may not be feeling the effects of a recession anymore. The fact that the PMI reading has eclipsed the 50 mark in June means that this is the first PMI in over a year in a half that has not suggested economic contraction. Keep your eyes and ears peeled for the remainder of the week as even the smallest, seemingly forgettable news stories could push the value of gold and silver in one direction or another.
