Gold Spot Price Open: $1,381
Gold Spot Price Close: $1,367
Change in Gold Spot Price: -$14
Silver Spot Price Open: $23.37
Silver Spot Price Close: $23.21
Change in Silver Spot Price:-$0.16
Gold and silver halted their upswing today as a quieter trading atmosphere saw gold back away from its 2-month high and recess a bit. At the end of the day gold had lost about 14 dollars while silver’s losses came in at about 16 cents.
Today was one of those days where it was painfully obvious that many people have chosen this time of year to take their summer vacations. With such a large amount of people away from the workplace and instead spending time with their families, it is no surprise that there were few economic news stories to talk about today. What also really sums up how slow of a day today was is the fact that there was absolutely no economic data due out of the US. Even on the slowest of days there is usually some sort of data from the United States, but such was not the case today.
The one story that did catch investor attention, however, was the declining value of the Indian currency, the Rupee. Though it did not make the headlines last week, the Rupee’s fall more or less coincided with gold’s gains and is being labelled as a major player in precious metals’ massive spike barely a week ago. The Rupee has hit record lows against the dollar and though it has posted massive losses already up to this point, market experts fear its decline may not be over just yet.
Also catching the attention of investors was last week’s reports of higher than usual bond yields for both German and US ten-year note auctions. These higher yields may be an early indication that inflation may once again become an issue in many of the countries we have recently seen emerge from their economic troughs.
As Egyptian unrest continues, the death toll is mounting as well. Thus far there have been few plans to get rid of the protesters that have not resulted in large-scale clashes between police and protesters, something that will hopefully be ended soon.
