Gold Spot Price Open: $1,669
Gold Spot Price Close: $1,649
Change in Gold Spot Price:-$20
Silver Spot Price Open: $31.21
Silver Spot Price Close: $30.00
Change in Silver Spot Price:-$1.21
Gold and silver both dipped in price significantly on Thursday, each of them hitting the lowest points that they have reached in 4 months. Gold lost about 20 dollars while silver lost 1 dollar and 21 cents with improving economic data out of the US being the main culprit behind the drop.
In the grand scheme of things, the fact that there have been no conflicts in the Middle East, the EU is improving economically, and the US is about to reach a deal on the fiscal cliff are all reasons that gold has been dropping lately. In addition to better than anticipated news from the US economy the housing market in the United States has shown a decent amount of improvement recently as well.
With gold and silver dropping at such a fast rate lately some investors are thinking that it may be a great time to purchase precious metals because they have not been so inexpensive in some time.