Daily Spot Price Update 10/4/2016

Metal Spot Price Open Spot Price Close Change
Gold $1312.35 $1276.20 – $36.15
Silver $18.89 $18.03 – $0.86
Platinum $1009.00 $998.20 – $10.80
Palladium $713.50 $703.75 – $9.75

Summary

While all metals took a dip on 10/4, gold took the steepest plunge. This comes after gold dropped just over $5 on 10/3.

Falling Gold Prices

After trading sideways for several months, gold has now fallen to its lowest level since the day the Brexit results were announced. The growing strength of the dollar has the Fed considering interest rate hikes, which could have a negative impact on gold prices.

Russia’s Growing Collection of Gold

Russia is actively working toward a major economical comeback, making currency an important part of state policy. This means that Russian wealth is as much a part of their geopolitical arsenal as their military. To this note, Russia has been greatly increasing gold reserves, adding a whopping 200,000 ounces in July alone.

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