Daily Spot Price Update 12/7/2016

Metal Open Close Change
Gold $1169.83 $1178.65 + $8.82
Silver $16.74 $17.23 + $0.49
Platinum $935.75 $953.80 + $18.05
Palladium $736.50 $738.50 + $2.05

Summary

All metals saw a rise on 12/7, with platinum increasing the most significantly.

Investors are Fleeing From Gold

Gold was a hot commodity at the beginning of 2016, but it’s now weakened considerably as the dollar grows stronger. Since the election results came in, investors have been pulling money out of the gold market at the fastest rate in three years. The outflow of money from exchange-traded funds backed by precious metals hit its peak around the election as fund managers began finding better returns elsewhere and gold hit a 10-month low. Prior to the election, gold was up 20 percent and headed for its first annual gain since 2012. It’s estimated that gold will average $1,135 in the second quarter of 2017, which is 10 percent less than one year earlier.

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