Gold and silver didn't do much moving on a day when the marketplace was generally quiet. There was some economic data on the table today, but it really didn't have much of an impact on precious metals spot values. The market is continuing to preoccupy itself with recently weak Chinese economic data as rumors of new stimulus measures were made public today.
The world is continuing to keep its eye on Russia as the EU and other western nations are doing everything in their power to isolate Russia economically and politically.
US Economic Data Fails To Move Metals
There was a healthy serving of US economic data today, highlighted by a few key reports regarding the housing market. The news was mixed and in the end had little to no impact on spot gold or silver. With that being said, US economic data released over the coming weeks and months will be heavily scrutinized as the fear of raised interest rates in the United States spreads rapidly.
If interest rates are risen as early as next spring, like Yellen suggested they might be last week, there is no way that this will work out in gold and silver's favor. Instead, raised interest rates as a result of the complete undoing of QE will end up hurting the spot values of metals and make them more expensive and less sought after in general.
It isn't only the US economy being closely watched by the investing world either, as Chinese worries with regard to their financial and economic systems are abounding. Over the past few weeks the market has been greeted with nothing but poor economic data from China, most recently highlighted by Monday's sub-par manufacturing data.
The Chinese central bank is now saying it may consider new stimulus measures as a way to help the ailing economy. But even if the economy is alleviated from the stress it is feeling currently, there is no saying how the financial situation may pan out over the next few months. After two major Chinese corporations announced that they would be defaulting on bond payments last week, investors are growing increasingly apprehensive about the idea of putting their money into the world's second largest economy.