Los Angeles CA, October 9 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Monday as geopolitical tensions underpin Gold Silver. Gold is up 0.32 percent to $1,280.20 an ounce after gaining $8.30 on Friday to end the week at $1,276.10.

Silver is up 0.45 percent to $16.89 an ounce after advancing $0.23 on Friday to finish the week at $16.81. The Gold/Silver ratio fell to 75.91. Platinum is trading flat at $914.00 an ounce. Palladium is up 0.22 percent to $916.00 an ounce.

Gold extended gains in early trading on Monday as China returns after a week-long holiday break for Golden Week. “Interest out of the Far East saw bullion off the session low following muted early demand and toward $1,280 in early Shanghai trade,” said MKS.

In the U.S., while government offices are closed for the Columbus Day holiday, most markets remain open. The dollar weakened from a 10-week high after Friday’s Jobs Report showed that we lost 33,000 jobs in September.

It was in 2010 the last time the Jobs Report recorded a monthly drop in jobs created.  “On Friday people were very reluctant to buy dollars, even though there were enough signals to do so … and the dollar has come under some pressure again, which is being reflected currently in Gold.” said ABN Amro analyst Georgette Boele.

“The 200-day moving average has proved to be intact still … so there were some technical elements playing out,” added Boele. “I think we can go back towards $1,300.”

Geopolitics Supporting Gold

Meanwhile, geopolitical tensions ramped up over the weekend with reports that North Korea is preparing another long-range missile test. This one “has the potential to reach the U.S. West Coast,” says MKS (Switzerland) S.A.

Catalonia is threatening to break away from Spain following an independence referendum held on October 1. Tensions also boiled over in the White House when Senator Corker called President Trump’s tweets towards North Korea irresponsible.

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