Posted on July 07, 2014
Gold Spot Price Open: $1,321
Gold Spot Price Close: $1,320
Change in Gold Spot Price: -$1
Silver Spot Price Open: $21.23
Silver Spot Price Close: $21.09
Change in Silver Spot Price: -$0.14
Gold and silver spot values closed down but up from daily lows on a quieter than usual day of trading. When all was said and done, gold lost about a dollar while silver declined by little more than ten cents.
The main story of the day was the continued devaluation of gold and silver after last week’s better than expected Labor Department employment report for June. As expected, delayed reaction shuffled in this morning as the market is beginning to backtrack after recently taking a keen interest in safe-haven gold and silver. The USD Index continued to trade upward for a majority of the day on Monday and has been putting constant downward pressure on gold and silver since the middle parts of last week. With few major economic or geopolitical news stories set to make headlines this week, the next few days are looking like they will be just as quiet as today was.
The only piece of economic data worth talking about will come on Wednesday in the form of the most recent FOMC minutes. After last week’s upbeat employment report, a large number of investors are beginning to, once again, become convinced that interest rates in the United States will be risen sooner than later. While the entirety of the marketplace will be looking to Wednesday’s minutes for answers regarding the future of interest rates in the United States, it is unlikely that they will find any. After all, barely a few weeks ago Janet Yellen made it clear that interest rates in the US will remain at current levels for as long as necessary. Still, the FOMC’s minutes almost always stand the potential to be markets-moving and, as such, the market will be paying close attention upon their release.
Other than the FOMC minutes, this week is shaping up to be incredibly slow and devoid of any noteworthy economic events. As the summer months begin to kick into full-effect, investors and market watchers alike will become much more concerned with family vacations and taking time off than with the daily proceedings of the global marketplace.