Los Angeles CA, January 22 (Tangible Investments) â€” by James Oâ€™Dell â€” 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.
â€œNot 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,â€ say analysts in a recent report.
â€œGold has found support at increasingly higher levels over the past year, and the physical market has adapted to a higher price environment.
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