Gold Spot Price Open: $1,249
Gold Spot Price Close: $1,223
Change in Gold Spot Price: -$26
Silver Spot Price Open: $19.60
Silver Spot Price Close: $18.91
Change in Silver Spot Price:-$0.69
Today was the day investors and market watchers have been looking forward to since the beginning of the week. A key US jobs report has caused gold and silver to fall by quite a bit on the last day of the week. When all was said and done gold lost about 26 dollars while silver lost just a penny shy of 70 cents.
The US jobs report that was due out today emitted better numbers than what were expected. Non-farm jobs rose to the tune of about 195,000 in June, up over 30,000 from the expected 160,000 rise in non-farm jobs. Despite there being a massive increase in the number of non-farm jobs, the overall unemployment rate remains fixated at 7.6%.
This positive economic news has caused those that think QE and monthly bond-buying should be done away with to grow in confidence. It seems as though everywhere we look the US economy is showing signs of continued improvement. While many other economies around the world are struggling, the US economy is leading the way. This positive jobs report also did well to boost the US Dollar Index considerably.
The ongoing situation in Egypt only seems to be getting worse as clashes between anti and pro-Morsi protesters runs rampant across the country. Crude oil prices are up as states of emergency have been declared all over the country. Despite all of the turmoil, the Suez Canal is still operating as normal. Any disruption of the flow of goods through the canal could have lasting effects on the precious metals market. We will be keeping our eyes on the news this weekend to see how the situation in Egypt fares. Come Monday, there could be some big, market-relevant news to report out of Egypt as this type of violence usually pushes the spot values of precious metals in one direction or another.
