Posted on September 05, 2013
Gold Spot Price Open: $1,389
Gold Spot Price Close: $1,369
Change in Gold Spot Price: -$20
Silver Spot Price Open: $23.47
Silver Spot Price Close: $23.29
Change in Silver Spot Price:-$0.18
Gold and silver both lost a decent amount of value on Thursday as some better than expected economic data was released ahead of tomorrow’s US jobs report. When all was said and done, silver’s losses came close to twenty cents while gold lost about 20 dollars.
While both gold and silver were able to make gains in the early part of Thursday, record growth of the US service sector in August helped boost stock prices and put selling pressure on precious metals. In all, the ISM services index jumped from 56% in July to almost 59% in August, a tally that was the highest since this past February. In addition, the US Dollar also made some major gains against other world currencies as strong economic data almost always translates into positive gains for the USD.
As investors look ahead to tomorrow, they are using today’s data as a means for judging what tomorrow’s jobs report will say. As of now it would be a shock if tomorrow’s jobs data came back weaker than expected. It seems as though the dominoes are beginning to fall in that as more data is released in regards to the US economy, the more it is looking like the Fed will soon begin to taper its monthly bond-buying program. Their September meeting is approaching at an increasing rate, and as that date gets closer it seems as though more and more people are buying into the school of thought which will see QE altered in the near future.
A G-20 meeting this weekend will likely solely center around potential US military involvement in Syria, as this scenario has overshadowed most others of late. Keep your eyes and ears posted on the news because tomorrow is shaping up to be an exciting day for investors as the US jobs report is one of the single-most important pieces of economic data released every month.