Posted on August 27, 2013
Gold Spot Price Open: $1,394
Gold Spot Price Close: $1,416
Change in Gold Spot Price: +$22
Silver Spot Price Open: $24.09
Silver Spot Price Close: $24.56
Change in Silver Spot Price:+$0.47
Gold and silver made some positive gains on Tuesday in the wake of investor uncertainty due to the possibility of increased violence in Syria. When markets closed, gold made gains of about 20 dollars while silver’s gains were just shy of 50 cents.
Earlier this year, a news story broke which accused the Syrian government of using chemical weapons on their own citizens. This story caught the attention of people and governments all over the world, though up until now no real action has been taken against the Syrian regime. That is about to change, as action against Syria by the US Armed Forces may be seen by the end of the week. The potential for more violence in the Middle East put heavy selling pressure on stocks from all around the world.
In response to increased selling pressure being placed on stocks and stock markets in general, spot prices of both gold and silver started rising when markets opened and continued to gain value throughout the whole day.
Another scenario that was worth mentioning today was the fact that the Indian Rupee fell to all new historic lows against the US Dollar. Though we have not mentioned the Asian currency crisis for a few days, the situation is far from solved as events are still unfolding.
An increase, for the fourth consecutive month, of the German Business Confidence Index has given more strength to the idea that the overall European economy is finally recovering from the recession which first hit in 2008. Not every European economy is doing as well as Germany, but when considering the broad view of things, the EU economy is doing much better now than it was only a few months ago.
Keep your eyes fixated on the news as the situation in Syria is likely going to escalate sometime soon, or at least that is what some many people are convinced of.