Dollar Resumes Slide Gold Rebounds
Los Angeles CA, January 26 (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were mixed on Friday. Dollar resumes slide Gold rebounds. Gold is up 0.47 percent to $1,353.60 an ounce after easing $10.40 on Thursday to close at $1,347.30 an ounce.
Silver is up 0.96 percent to $17.42 an ounce after gaining $0.23 on Thursday to close at $17.26 an ounce. The Gold/Silver ratio rose to 78.06 as Silver outperformed Gold. Platinum is down 0.10 percent to$1,011.00 an ounce. Palladium is down 0.83 percent to $1,078.00 an ounce.
Gold rebounded as the dollar resumed its slide in early trading Friday, after Gold prices tumbled on Thursday following President Trump’s assertion that “he supports a strong dollar.” The president added that Secretary Mnuchinâ€™s comments, slamming the dollar on Wednesday, were taken out of context.
â€œThe fact that the dollar remains under pressure, despite [U.S. President] Donald Trump recently backing a stronger currency, continues to highlight the lack of buying sentiment,â€ says Lukman Otunuga, research analyst at FXTM.
â€œWith the greenback likely to remain on the back foot in the near term, Gold has further upside potential.” The yellow metal is already up around 12 percent since mid-December.
â€œThese dips are going to provide a buying opportunity as long as weekly trendline support holds,â€ says Sean Lusk, director of commercial hedging with Walsh Trading.
“The U.S. dollar remains in the driving seat of the metal markets, causing a lot of volatility for Silver,” said Julius Baer in a note. “We remain neutral but lift our twelve-month price target to $17.50 per ounce due to signs of improving industrial demand.”
Economic Growth Slowed In Fourth Quarter
Meanwhile, economic growth in the U.S., slowed in the fourth quarter as imports, which subtract from GDP growth, surged. While imports rose at their fastest pace since 2011, gross domestic product (GDP) grew at just 2.6 percent.
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