Gold & Silver End Slow Week On High Note

Gold and silver prices ended the week slightly lower than they were at the sound of the opening bell on Monday morning, but much of the decline was negated on Friday when the gold and silver markets rose 1.2% and 0.6%, respectively. As of 1pm EST the gold spot price is up $14.70 to $1339.50 per ounce, and silver’s $0.12 gain brought it to $21.95 per ounce.

The slow series of days for both gold and silver were caused by a variety of actors. Early on in the week there were rumblings about possible QE tapering by the fed, and the rumors hit gold and silver prices hard. A batch of mixed economic data came out on Wednesday and Thursday, and the combination of a higher U.S. Dollar Index with increased safe-haven precious metal buying kept gold and silver at even keel.

By Friday morning everyone had found out that the Federal Reserve would, in fact, not being tapering of QE anytime soon, and that interest rates would remain at the historic lows they have been at for a decade. Some economists are anticipating worse-than-expected numbers in the non-farm payroll report that is due out next week, and all these factors boosted the gold and silver prices today.

A recent survey found that most analysts are bullish on gold and silver prices next week, but the high volume of new data expected from the U.S. Department of Commerce could sway the markets in either direction. Visit early next week for the latest updates on gold and silver spot prices, as well as exclusive information on current sales, discounts and promotions, or call 800-394-3337 for a free mail-out kit.

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