Posted on August 29, 2013
Gold Spot Price Open: $1,419
Gold Spot Price Close: $1,408
Change in Gold Spot Price: -$11
Silver Spot Price Open: $24.42
Silver Spot Price Close: $23.97
Change in Silver Spot Price:-$0.45
Gold and silver both suffered setbacks on Thursday as tensions regarding US intervention in Syria have calmed down a bit. When all was said and done, gold fell by about 11 dollars while silver’s losses edged closer to half of a dollar.
Despite this week’s news being wholly centered on the Syrian civil war and possible military intervention by the US, that entire situation has calmed down a bit. Only a few days ago, a majority of experts and investors were as close to certain as they could be that the US would bring military personnel to Syria by the week’s end in order to intervene in their civil war; a civil war which has been raging for two years already.
Now, President Obama and his allies are unsure what action they will take in the Middle East, if any. This news has eased the fear that the US was going to attack Syria this week. With that being said, Syria is still worth paying attention to due to the high possibility of violence intensifying in the coming days and weeks. In fact, Russia’s only missile cruiser (ship) has set course for the Mediterranean, and though Russian authorities have called it a “planned naval rotation”, it is still worrisome.
Safe-haven demand for gold and silver is still prevalent, though we have witnessed more of a corrective bounce today.
Also playing a role in silver and gold’s slight decline today was a stronger US Dollar thanks to a better than expected second quarter GDP report for the US. The US Labor Day holiday takes place on Monday, which means that a lot of workers in the States will be taking Friday off as well. Expect a quieter atmosphere as far as trading is concerned on Friday, though any developments out of Syria may change that.