Posted on August 09, 2013
Gold Spot Price Open: $1,310
Gold Spot Price Close: $1,314
Change in Gold Spot Price: +$4
Silver Spot Price Open: $20.24
Silver Spot Price Close: $20.62
Change in Silver Spot Price:+$0.38
Gold maintained a steady course while silver made some solid gains to end the week positively for precious metals. When all was said and done gold picked up about 4 dollars while silver made gains closer to 40 cents.
Today brought with it more positive Chinese economic data as overall industrial production increased by an amount just shy of 10% from July of last year to this past July. This news got even better due to the fact that industrial production was rising with little to no increase in inflation. July’s CPI for Asia’s largest economy was up nearly 3% on a yearly basis as well. This news comes only days after China’s imports and exports were reported as increasing by margins that were much larger than what had been anticipated by market experts. This puts a lot of critics who have recently been skeptical of the Chinese economy to rest.
A firmer US Dollar on Friday probably did a good job of preventing gold and silver from making larger gains.
Next week is going to be another slow week as far as economic news is concerned as no major news stories are expected to be heard from the US. Many investors are awaiting some clarification in regards to comments Dennis Lockhart made earleir this week. Lockhart, who is president of the Atlanta Federal Reserve bank, stated that QE has a strong likelihood of being done away with before 2013 is concluded. This remark wouldn’t be too big of an issue if it didn’t come in the direct wake of Fed members making completely opposite remarks barely a week ago.
After gold fell below the $1,300 mark this week investors were worried, but luckily it was able to recoup its losses and even make some small gains. The same can be said about silver which fell below $20 on Monday only to make almost a dollar of gains to bring it back well above $20.