Gold Spot Price Open: $1,329
Gold Spot Price Close: $1,327
Change in Gold Spot Price: -$2
Silver Spot Price Open: $19.96
Silver Spot Price Close: $19.81
Change in Silver Spot Price:-$0.15
Gold and silver both lost a little bit of value on Tuesday, in the wake of outside markets performing better than expected. At the end of the day gold lost about 2 dollars while silver lost roughly 15 cents, for the second day in a row.
The US Dollar Index was a bit higher on Tuesday which inevitably put downward pressure on gold and silver. The higher US Dollar Index also put some downward pressure on crude oil prices as commodities in general took hits on Tuesday. There were not many major economic news stories on the slate on Tuesday, rather people are awaiting key bits of economic information that is set to be released and digested on the last day of this week. Seeing as the month of July is coming to an end, it is only right that we reflect on a month that was better for precious metals than most people are willing to admit. As of now, gold has picked up nearly $100 from the beginning of July while silver has more or less stayed around the same value from beginning to end of the month.
As many of you are already well aware, Friday of this week is shaping up to be the busiest day of all. This is due to both the Federal Reserve’s Open Market Committee having a meeting as well as the latest US jobs report. As of now the majority of people are anticipating that the Fed will refrain from altering anything having to do with monetary policy and will once more reiterate that Quantitative Easing (the government’s monthly bond-buying initiative) is not going to be done away with so fast. The jobs report is expected to be positive with non-farm payrolls anticipated to jump up by almost 200,000.
This increase of non-farm jobs is also expected to reduce the unemployment rate from 7.6% to 7.5%. While these are what market experts are expecting and predicting, only time will tell if these predictions will become reality or not.
