Posted on July 04, 2014
Gold Spot Price Open: $1,320
Gold Spot Price Close: $1,321
Change in Gold Spot Price: +$1
Silver Spot Price Open: $21.18
Silver Spot Price Close: $21.22
Change in Silver Spot Price: +$0.04
American markets were closed today in observance of the Independence Day holiday, but it was a normal trading day for most of the world. When all was said and done, gold picked up about a dollar while silver was able to add a few pennies.
The US Dollar is continuing to perform well in the wake of yesterday’s better than anticipated employment report. In case you missed it, the Labor Department’s report showed that more than 285,000 jobs were added to the US economy in June. These figures shattered the 215,000 jobs most market experts were expecting to be added last month. What’s more, the overall unemployment rate in the United States declined to 6.1%, the lowest reading in more than 5 years.
As it stands, gold and silver are both vulnerable to conceding more value as most investors took yesterday off in order to begin the holiday weekend early. As such, I expect delayed reaction to carry over into the early parts of next week.
In all, this week was a forgettable one by most people’s standards. Metals really didn’t do much in the way of building upon last week’s gains and, now that we have been dealt some solid US economic data, it will be interesting to see if spot values can once again venture forward. If US economic data continues to show signs of improvement, the attitude of investors may change and higher interest rates may, once again, be expected. This would not bode well for gold nor silver, but after Janet Yellen recently stated that interest rates will remain low for the foreseeable future, it is not likely that we will hear much talk of spiking rates.