Daily Spot Price Update 10/7/2016

Metal Spot Price Open Spot Price Close Change
Gold $1255.83 $1258.72 + $2.89
Silver $17.37 $17.61 + $0.24
Platinum $970.10 $974.00 + $3.90
Palladium $668.75 $670.00 + $1.25

Summary

After a week of some substantial losses in value, 10/7 saw a slight rise for precious metals.

Falling Gold Prices May Not Last

Gold prices have been falling this week. This comes amid concern about the Fed raising interest rates soon, and what that move will do to the precious metals market. A growing economy tends to decrease consumers’ desire to invest in metals. One sign of the falling demand is that 2016 gold imports are about 50 percent less than last year. Industry professionals suspect that prices may shrink slightly more, but not drastically.

Gold Slump Creates Buying Opportunity

With falling gold prices, Goldman Sachs Group Inc. says that a dip of below $1,250 an ounce creates a strategic buying opportunity. There’s been concern that some of the world’s leading central banks may be reaching the limits of what monetary policy is able to do for economic growth, which is what makes bullion investing valuable.

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