Gold Spot Price Open: $1,320
Gold Spot Price Close: $1,334
Change in Gold Spot Price: +$14
Silver Spot Price Open: $20.13
Silver Spot Price Close: $20.32
Change in Silver Spot Price:+$0.19
Gold and silver both made up for the losses posted yesterday in a relatively quiet day of trading. By the time markets closed on Thursday gold had picked up about 14 dollars while silver gained just one penny shy of 20 cents.
US jobless claims were reported to have risen a bit this week, something that helped push gold and silver values up a bit. The general trading atmosphere on Thursday and the majority of this week has been quiet thanks in large part to the combination of few major economic news stories as well as the fact that many people use the end of July and beginning of August to take vacations. Though this week has failed to emit any major news stories, next week will see market watchers and investors keep their attention fixated on a Federal Open Market Committee meeting. At this point it is unclear what the main point of emphasis for the meeting will be, though all signs are pointing in the direction of another discussion about the state of the US economy as well as the future of monetary policy in the US.
The US Dollar Index aided the advancement of gold and silver more than just about anything else as it hit yet another monthly low on Thursday. So far this week the US Dollar Index has been the main piece of information dictating the movement of precious metals. As we look ahead to the last day of the week investors and market watchers will continue to keep the bulk of their attention fixated on the movement of the US Dollar.
Up to this point the week has been a positive one for both gold and silver and investors are hoping that they can end tomorrow on a positive note much like today.