Daily Spot Price Update 1/3/2017

Metal Open Close Change
Gold $1159.30 $1162.20 + $2.90
Silver $16.17 $16.45 + $0.28
Platinum $917.50 $934.25 + $16.75
Palladium $688.80 $715.83 + $27.03

Summary

Gold and silver rose slightly on 1/3, while platinum and palladium saw more significant increases.

Investors Bailing on Gold

Over $2 billion was pulled out of the world’s largest exchange-traded fund backed by gold in December, marking the third consecutive monthly loss for the metal. This is gold’s largest decline since 2013. The dollar grew in strength last quarter, which was backed by the Federal Reserve’s decision to increase interest rates. With plans to continue boosting borrowing costs, it could continue to hurt the demand for the precious metal. Gold is a good investment that protects against inflation, but it also does not pay yields or dividends.

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