Los Angeles CA, August 25 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Friday after Gold advances as durable goods orders plunge. Gold is up 0.29 percent to $1,289.50 an ounce after easing $4.50 on Thursday to close at $1,285.80 an ounce.

Silver is up 0.50 percent to $17.04 an ounce after easing $0.13 on Thursday to close at $16.95 an ounce. The Gold/Silver ratio rose to 75.86. Platinum is down 0.41 percent to $973.00 an ounce. Palladium is down 0.43 percent to $922.00 an ounce.

Gold rose modestly in early trading on Friday ahead of speeches by central bank chiefs at annual Jackson Hole Symposium. Fed Chief Janet Yellen spoke at 8:00 a.m. (MDT) but stuck closely to her prepared remarks with no mention of U.S. monetary policy.

European Central Bank (ECB) President Mario Draghi will speak at 1:00 p.m. but he’s not expected to cover monetary policy either. Mounting geopolitical concerns continue to underpin Gold after President Trump chastised Congress over the upcoming debt ceiling debate.

“Political uncertainty remains high and continues to provide a strong level of support to prices,” writes ANZ analyst Daniel Hynes. “Trump’s barrage of tweets during negotiations over the debt ceiling continues to fuel a level of uncertainty in the market.”

The yellow metal received a boost after newly released data showed durable-goods orders fell in July. The Commerce Department reported Friday that durable-goods orders performed worse-than-expected in July falling 6.8 percent and reversing gains for June.

Physical Gold Proves Superior

Meanwhile, the chief executive of The Pure Gold Company, Josh Saul, told CNBC Friday that physical stores of Gold could prove far superior to other types of Gold holdings. “Physical Gold is motivated by people who want long term protection. The benefit of having physical Gold is that you have a physical store of wealth, plus there are also several tax advantages,” said Saul.

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