Posted on August 01, 2013
Gold Spot Price Open: $1,309
Gold Spot Price Close: $1,312
Change in Gold Spot Price: +$3
Silver Spot Price Open: $19.54
Silver Spot Price Close: $19.69
Change in Silver Spot Price:+$0.15
Gold and silver made small gains today, though after overnight’s losses the gains made by the end of the day on Thursday are nothing to get excited about. When all was said and done gold picked up about 3 dollars while silver made gains closer to 15 cents.
Tomorrow brings with it the release of the latest US jobs report and investors are awaiting anxiously what this report has to say. At this point it is expected that non-farm payrolls will have risen by about 175,000, though only time will tell if this ends up being true. If the anticipated rise in non-farm payrolls takes place, the overall unemployment rate in the United States is expected to fall from 7.6% to 7.5%. Seeing as the US economy has been performing well recently, all signs are pointing in the direction of the jobs data to come back just as good, if not better, than what most people have predicted.
Also scheduled for tomorrow is the Federal Reserve’s Open Market Committee’s monthly meeting, though the meeting’s prepared text was released yesterday. Despite this, it is still a smart move to tune in to the meeting due to the fact that the Q&A session with news organizations and reporters that will likely take place after the meeting stands the chance of revealing information that the prepared text may have missed. Ben Bernanke always seems to add some sort of remark after these meetings that ends up raising a few eyebrows, and it is likely that this meeting won’t be any different.
A higher US Dollar and better stock market figures were also part of the reason gold was not able to make up for more of its overnight losses than it did. If tomorrow’s jobs report goes as planned, gold and silver stand a strong possibility of losing more value as this is the case more often than not when positive US economic data is reported.