Gold Spot Price Open: $1,690

Gold Spot Price Close: $1,694

Change in Gold Spot Price:+$4

Silver Spot Price Open: $32.25

Silver Spot Price Close: $32.28

Change in Silver Spot Price:+$0.03

After trading was muted on Monday due to a US holiday, gold and silver investors came out in full force on Tuesday as gold pushed forward yet again. Gold finished the day 6 dollars shy of the $1,700 mark, up about 4 dollars. Silver remained relatively stagnant though it did pick up 3 pennies.

Today’s closing price of $1,694 means that gold is at its highest point since the middle of December of last year. The biggest news of the day came from Japan as the country’s central bank announced that it was going to continue its monetary easing program; this news gave precious metals a boost. Economic news out of the US as of late has shown that the economy is doing very little in the way of improving. This can be viewed as good news for precious metals investors because in times of economic uncertainty gold and silver are safe havens that most investors turn to.

The USD was a bit weaker on Tuesday but this news had little bearing on the price of gold and silver. As the week wears on we can expect to see more economic news out of the US and it will likely have some affect on the price of precious metals going forward into February.