Gold Spot Price Open: $1,223
Gold Spot Price Close: $1,237
Change in Gold Spot Price: +$14
Silver Spot Price Open: $18.99
Silver Spot Price Close: $19.11
Change in Silver Spot Price:+$0.12
Gold and silver made some positive gains on Monday after a weekend that featured very few news stories. At the end of the day on Monday gold was up about 14 dollars while silver improved by a few pennies over ten cents.
The ongoing violence and protests in Egypt have only gotten worse over the weekend as fear of further civil unrest and even civil war have arisen. This has done well to make gold and silver take on safe-haven qualities, as violence like this usually does. In fact, the fear is that civil unrest may spread across Northern Africa and the Middle East as many citizens of these various countries are about fed up with their countries’ governments.
Additionally, a weaker US Dollar Index also did well to help gold make some gains on Monday. Recently the US Dollar has been performing very well when compared to other major currencies across the world. The USD actually hit a three-year high last Friday, so a lower Index is more or less expected today.
General demand for gold is a topic of heavy debate now as some people think that demand is rising due to lower prices whereas others believe demand is still very weak. Over the course of the last few days demand for gold and silver has been rising due to lower prices, but compared to April’s spot value collapse, demand for precious metals is still a far cry from what it should be. Investors and market watchers are going to need Asian demand to pick up if they want the spot prices of gold and silver to start climbing again.
All in all this week will be one of few news stories, though the ongoing situation in Egypt should be enough to keep us occupied. Violence only seems to be getting worse as the days pass and so far this has been good for the spot values of gold and silver.
