Gold Spot Price Open: $1,330
Gold Spot Price Close: $1,333
Change in Gold Spot Price: +$3
Silver Spot Price Open: $20.30
Silver Spot Price Close: $20.09
Change in Silver Spot Price:-$0.21
As we anticipated, Friday brought with it no major economic news stories while precious metals experienced mixed results. Silver lost a little over 20 cents while gold picked up about 3 dollars.
The main news story of the day was that International Monetary Fund reporting that many major economies of the world have been adding to their gold holdings. Russia was a major buyer of gold recently while Germany was reported as selling off a lot of their gold holdings. China has also recently been seen as a buyer of gold.
The US Dollar Index was lower on Friday, but not by too much. This whole week has seen the US Dollar Index fluctuate back and forth while on one day it was up and another it was down. At two separate points this week the USD Index had hit 4-week lows which was surprising mostly due to the fact that the USD has been performing really well. Next week will see investors and market watchers focus in on a Federal Reserve Federal Open Market Committee meeting.
This meeting will likely discuss the future of monetary policy in the US in further detail, though no real information on the topic of the meeting has been released quite yet. Early next week will see us gain some more information on the meeting and as of now the FOMC meeting is the only major news story on the slate. All in all this week was a positive one for both gold and silver as gold finally ended a week above the $1,300 mark and silver finished above the $20 mark. Next week will be a real test to see if both metals can retain their newly improved positions.