Gold Spot Price Open: $1,663

Gold Spot Price Close: $1,678

Change in Gold Spot Price:+$15

Silver Spot Price Open: $31.22

Silver Spot Price Close: $32.05

Change in Silver Spot Price:+$0.83

Gold and silver both improved significantly on Wednesday as news of a shrinking US economy to finish out 2012 help boost the markets. Gold was up about 15 dollars and silver improved to the tune of 83 cents, marking an increase in the price of gold of over $20 in the past two days.

After gold had jumped about ten dollars yesterday, and silver performed well too, it was hard to imagine that both metals would keep improving on Wednesday, but they did. Another talking point out of the US on Wednesday was a Commerce Department report explaining that the GDP of the United States took a turn for the worse in the last quarter of last year. The Fed also announced that it would continue their current stimulus program which includes buying back nearly $100 million in bonds each and every month.

The only other thing to look forward to this week is the jobs report that is set to be released on Friday, though current thoughts are that the report will show little to no change in the jobs outlook. Hopefully there is more market-relevant news between now and Friday to sustain gold and silver’s recent growth.