Precious metals are being pressured to close out the week thanks to some upbeat US economic data. This week, on the whole, has been devoid of many economic reports, but those that were made public caught the attention of investors from around the world. This week also saw geopolitics take center stage again, as a number of situations have developed quite a bit over the course of the last 4 or 5 days.

Looking ahead to next week, it is highly likely that investors will continue to focus on geopolitical happenings in both the Middle East and Europe. Unfortunately, it is going to take more than geopolitical events alone to drastically alter the spot values of gold and silver.

Geopolitics Dominate the Investing World

Since the early parts of this week, investors from around the world have been paying close attention to the situation unfolding between Russia and Ukraine. As early as Monday, reports were published claiming that Russia was once again building up a massive military presence along its border with Ukraine. As the week moved forward, it was eventually verified, by NATO, that more than 20,000 combat-ready troops were stationed just over the Russia-Ukraine border. Though Russia has announced no plans to enter the conflict in Ukraine militarily, their actions are painting a very different picture.

Also in the news from that same conflict are reports claiming that pro-Russian rebels were behind yet another airstrike which brought down a Ukrainian military aircraft.

Investors had even more news to chew on this morning as it was announced that US president Barack Obama has sanctioned airstrikes on rebel forces in Iraq. Over the last few days, Islamic rebels have been preventing citizens from leaving certain towns, effectively holding them hostage without food or water. The forthcoming airstrikes will mark some of the most direct involvement the US has seen in Iraq since troops left the country not that long ago.

Finally, rounding off the news Friday was news of yet another ceasefire agreement being broken in Gaza. According to Israeli sources, Hamas rockets began firing during the supposed ceasefire, and Israeli Defense Forces responded accordingly. This news has been a constant recipient of investor attention over the last few weeks and will likely remain so so long as a tangible ceasefire agreement doesn’t exist. While all this violence did help the prospects and spot values of precious metals, some upbeat US economic data did its part to limit overall buying interest.