Gold and silver spot values have not done much of any moving today and are remaining planted as a result of any fresh fundamental inputs. This week has already proven to be inordinately quiet and has brought about little to no noteworthy economic or geopolitical happenings. Recent stock market rallies have driven a lot of interest away from safe-haven metals, something that has shown through recent price movement, or lack thereof.
The biggest piece of economic data due out this week, believe it or not, will come tomorrow in the form of the weekly jobless claims report from the United States. This report rarely has a major impact on the spot values of precious metals and there is no reason to believe that this time will be any different.
Frozen Gold, Silver Markets Make For Lackluster Week
To be brutally honest, there really isn’t all that much for investors or market analysts to talk about this week. Reactions to last week’s data and European Central Bank have gone by the wayside and the market simply doesn’t have any noteworthy news to preoccupy itself with.
The US Dollar as well as equity markets around the world have been doing well recently, and this is something that has, and will continue to, weigh on spot values. Even with the Dollar taking a small step backwards today, gold and silver are simply not strong enough to move forward. Many market analysts are labeling the precious metals market as being frozen currently, and I would have to agree with this sentiment. Now, precious metals investors are simply awaiting a catalyst to propel metals back into the minds of investors.
Earlier in the week, chart consolidation and short covering were both providing a mild boost for metals, but those two factors have also mostly gone by the wayside. As we look ahead to the last few days of the week, investors can expect to see much of the same barring any unexpected piece of economic data or unforeseen geopolitical happening.