Gold and silver are both edging downward in what is beginning to look like will end up being a week of mild losses for precious metals. There is a key piece of US home sales due out this morning, but all signs are pointing in the direction of it being positive, and, as such, will more than likely put a greater amount of downward pressure on gold and silver.

Investors are exhibiting a more risk-averse attitude as of the early morning hours on Friday, but even this is not enough to drive spot values forward. The upcoming long weekend will see US investors away from the market until Monday, something that is causing more traders to simply hold their positions to what and see what happens this weekend. Ukraine are poised to hold presidential elections on Sunday, and as we all know, there is no way of knowing how that will affect the crisis that has been raging for the past few months.

Weekend Likely To Bring About New Developments

A few elections will be catching the marketplace’s attention this weekend, including a new presidential election in Ukraine and EU parliamentary elections. The results of the most recent EU elections are unnerving for many people who have taken notice of the growing anti-EU sentiment creeping in. These concerns are part of the reason behind why bond yields in many European countries have been on the rise as of late.

Ukraine is scheduled to hold presidential elections this Sunday, and though tensions are presently on the decline, any new development in Ukraine needs to be watched closely. Despite the growing risk-averse attitude throughout the marketplace, the spot values of gold and silver are still edging lower.

Hurting precious metals’ performance perhaps more than any other factor this week has been a rising US Dollar. With the euro presently on the decline, the US Dollar is surging to its highest value in months en route to putting a lot of downward pressure on precious metals. Should the dollar continue to hold its upward trajectory steady, there is really not going to be much room for spot gold and silver to make any major gains.