Los Angeles CA, January 22 (Tangible Investments) by James O’Dell Precious metals prices were mixed on Monday as Gold adds to gains after government shutdown. Gold is up 0.23 percent to $1,333.70 an ounce after gaining $4.20 on Friday to end the week at $1,330.60.
Silver is up 0.03 percent to $17.01 an ounce after adding $0.07 on Friday to finish the week at $17.00 an ounce. The Gold/Silver ratio fell to 78.27. Platinum is up 0.50 percent to $1,015.00 an ounce. Palladium is down 1.00 percent to $1,085.00 an ounce.
Gold edged higher in early trading Monday as the dollar held above three-year lows following the government shutdown on Saturday.
“We did see Gold reach four-month highs last week on fears an agreement wouldn’t be reached and indeed that came to pass. The fact that Gold is a bit soft this morning suggests it was largely in the price,” said Mitsubishi analyst Jonathan Butler.
Lawmakers attempted to break the impasse that caused the shutdown, on Sunday, with a short-term funding deal but that failed.
Senate Minority Leader Schumer said that lawmakers “have yet to reach an agreement” on a measure to re-open the government. Majority Leader McConnell has scheduled another vote at 12 p.m. today that would fund the government through Feb. 8 and end the shutdown.
Standard Chartered Says Gold Could Hit $1450
Meanwhile, Standard Chartered analysts see Gold averaging $1,324 an ounce in 2018. But with the potential to hit multi-year highs. Analysts put the high end of the range for the yellow metal at $1,450 an ounce.
Not only do we believe the price risks for Gold are skewed to the upside in 2018. We think Gold prices could test five-year highs amid continued geopolitical and political uncertainty, say analysts.
Gold has found support at increasingly higher levels over the past year. The physical market has adapted to a higher price environment.
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