Spot prices are determined by supply and demand, which may be impacted by various factors including global economic conditions and political instability. In general, when global economic conditions are weak and political instability is high, Gold and Silver spot prices are higher. This is because investors are buying more Precious Metals to provide themselves with a safe haven asset during times of uncertainty. On the other hand, when global economic conditions are strong, Gold and Silver spot prices tend to be lower.
It gets a little complex, because the largest factor influencing global spot prices of Precious Metals like Gold and Silver are derivative contracts purchased on global commodities exchanges. The largest and most influential is COMEX, headquartered in New York City. The price of Gold and Silver changes 24 hours a day, five days a week, and halts on the weekends.
Keep track of the price of Gold and Silver today with the APMEX app, available on the Apple and Google app stores.
