Gold Spot Price Open: $1,334
Gold Spot Price Close: $1,327
Change in Gold Spot Price: -$7
Silver Spot Price Open: $20.05
Silver Spot Price Close: $19.90
Change in Silver Spot Price:-$0.15
Gold and silver both lost some value by the end of the day Monday, despite the US Dollar Index being subdued for most of the day. By closing time gold lost about 7 dollars while silver dropped about fifteen cents.
Despite the US Dollar Index being lower on Monday, gold and silver still managed to post some small losses. There are also reports flooding in that demand for gold is increasing steadily and will likely cause the spot value to continue an upward swing, even though it hit a bit of a speed bump today.
This week brings with it a few major economic news stories, though we will have to wait until the end of the week to hear them. The first of these stories is the latest US employment report. As of now the expectations are that non-farm jobs will rise by nearly 200,000, yet another good mark.
The second major news story is the latest Federal Open Market Committee meeting which is also scheduled to take place this upcoming Friday. Since we have heard a lot of news from the Fed, specifically Ben Bernanke, lately a large majority of people are not expecting to hear anything new. It is expected that the meeting will emit no major changes to monetary policy and that the Fed’s remarks in regard to monetary policy will be as dovish as they were about a week or so ago.
While the US Dollar continues to lose value, the Japanese Yen is gaining it at surprising rates. Also helping the outlook of the Japanese Yen and other Asian currencies is lower Asian stocks. The reason behind Asian stocks being lower can be directly attributed to a disappointing corporate earnings report which was released today.
