Los Angeles CA, November 10 (Tangible Investments) by James O’ Dell Precious metals prices turn sharply lower on Friday. Geopolitics continues to bolster Gold demand. Gold is down 0.71 percent to $1,275.40 an ounce after gaining $3.70 on Thursday to close at $1,284.50 an ounce.

Silver is down 0.77 percent to $16.82 an ounce after easing $0.04 on Thursday to close at $16.95 an ounce. The Gold/Silver ratio rose to 75.78. Platinum is down 0.43 percent to $932.00 an ounce. Palladium is down 1.10 percent to $992.00 an ounce.

Gold neared three-week highs in early trading Friday, supported by a weaker dollar and the debate over tax reform. The yellow metal turned solidly lower in late-morning on profit-taking ahead of the weekend.

Political and geopolitical concerns continue to boost demand for Gold, says Commerzbank. For example, U.S. President Trump’s tax plans do not seem to be making as much headway as expected, and the introduction of lower corporate taxes has already been delayed, says the bank.

Visiting China during his tour of Asia, Trump described North Korea as a threat to civilization, ensuring that this crisis continues to smolder. Meanwhile, there is no progress whatsoever in the next round of Brexit talks that began yesterday between the EU and the U.K. The divisions in the British government are one key factor stalling the talks.

Saudi Turmoil Supporting Gold

Developments in Saudi Arabia are also supporting safe-haven Gold after Crown Prince Mohammed bin Salman bin Abdulaziz called the thwarted missile strike on Riyadh, “direct military aggression by the Iranian regime.”

The turmoil in Saudi Arabia has helped to raise the price of Gold above resistance at $1,282 an ounce. The Saudi chaos has also lifted the crude oil price and boosted bullion’s short-term outlook on increased inflation expectations.

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