Gold Spot Price Open: $1,669

Gold Spot Price Close: $1,668

Change in Gold Spot Price:-$1

Silver Spot Price Open: $31.21

Silver Spot Price Close: $31.08

Change in Silver Spot Price:-$0.13

After yesterday’s drop to a 3-month low, it was hard to imagine that gold, and silver for that matter, would continue to decline on Wednesday. While both precious metals did not do much in the way of continuing their decline, they most definitely did not improve upon their positions either. Gold was down just about one dollar while silver dropped 13 cents.

The main focus for investors remains the fiscal cliff as the deadline to reach a deal is fast approaching. Even with the USD declining in value precious metals still saw little relief today which left many investors a bit more worried today than they may have been at the end of the day yesterday.

As we look at the year in review, gold actually did have a great 2012 but with world markets being as unstable as they are it was hard for precious metals to keep a sustained run of positive results. We will do a more in-depth review of gold and silver’s 2012 in a few weeks time.

In European news, the euro hit a 7 month high and European stocks were boosted as well due to the recently reported improvement  of Greece’s credit rating. Many investors hope that the declining USD will help precious metals in the last two days of the week but if today has any indication on that, things are not looking too promising.