Gold Spot Price Open: $1,245
Gold Spot Price Close: $1,255
Change in Gold Spot Price: +$10
Silver Spot Price Open: $19.45
Silver Spot Price Close: $19.81
Change in Silver Spot Price:+$0.36
Gold and silver both made modest gains on Wednesday due to more heated news out of Egypt. At the end of the day gold was up about 10 dollars while silver gained 36 cents.
As many have anticipated, the Egyptian president, Mohamed Morsi, has refused to appease his citizens by stepping down from the presidency. With the general Egyptian public protesting in the streets, the world marketplace has had their eyes on Egypt in preparation for increased tensions. Despite the Egyptian military’s call for Morsi to step down, the defiant president remains in power. This refusal has greatly angered the already angry protesters.
Ongoing financial issues in Europe has caused more safe-haven demand for gold and silver amid the upcoming European Central Bank monthly meeting. Portugal is beginning to fall into a bit of a political standoff, which is yet another issue to add to Europe’s long list. Two of Portugal’s main ministers have stepped down in the last few days due to protests against their newly formulated austerity programs.
The United States will be taking the day off as far as business is concerned due to the celebration of the Independence Day Holiday. With a key US jobs report due out on Friday, things will pick back up quickly on the last day of the week. This US economic report, like all others recently, will have a major impact on what the average investor thinks about the fate of US monetary policy going forward. The expected unemployment rate is 7.5%, which is one tenth of a percentage point down from May’s unemployment rate.
While Americans may be taking the day off tomorrow, the time should be taken to check the news to see if any major headlines emerge from either the Bank of England or European Central Bank meetings.
