Daily Spot Price Update 2/3/2017

Metal Open Close Change
Gold $1215.05 $1221.63 + $6.58
Silver $17.40 $17.56 + $0.16
Platinum $997.90 $1006.00 + $8.10
Palladium $758.50 $749.00 – $9.50

Summary

Palladium decreased on 2/3, while all other metals saw a rise.

Gold Demand at a High

The demand for gold rose two percent in 2016, reaching its highest level since 2013. This demand was driven and measured by an inflow of 532 tons of gold into gold-backed exchange-traded funds, which was ETFs’ best performance since 2009. Why has the demand for gold risen so high? Gold is often desired as a safe haven investment in times of turmoil, and 2016 was rife with uncertainties (some of which have persisted to the present day). Some of the factors that led to this rush to gold include the Brexit vote, Trump’s election, and the upcoming Dutch, French, and German elections.

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