Gold Climbs Amid Fallout From Comey Firing

Gold Climbs Amid Fallout From Comey Firing

Gold Climbs Amid Fallout From Comey FiringLos Angeles CA, May 17 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Wednesday as Gold climbs amid fallout from Comey firing. Gold is up 0.95 percent to $1,248.50 an ounce after gaining $6.30 on Tuesday to close at $1,236.70.

Silver is up 0.53 percent to $16.93 an ounce after adding $0.24 on Tuesday to close at $16.84. The Gold/Silver ratio fell to 73.44. Platinum is up 0.32 percent to $942.00 an ounce. Palladium is down 0.88 percent to $784.00 an ounce.

Gold hit two-week highs in early trading on Wednesday as the dollar continues its slide on weaker-than-expected economic data. “Downward movement in yields and the dollar have given support to Gold,” said ABN AMRO analyst Georgette Boele. “And on top of this you get political uncertainty which is denting the dollar.”

Firing Of Comey Played Role For Gold

President Trump is under renewed pressure after firing Director Comey because he may have interfered with an FBI investigation. President Trump allegedly asked ex-Director Comey to scuttle a probe concerning the Russians and former national security adviser Michael Flynn.

“Gold is being driven by rejuvenation of safe-haven buying that we saw earlier this year, as the issues with President Donald Trump are playing out again,” said Daniel Hynes, of ANZ.

“The firing of FBI chief James Comey definitely played a role for Gold. But, that, in isolation didn’t provide particular support. Instead, it added to the general concern the market has with the presidency,” explained Hynes. “Risks of broken policy are increasing safe-haven buying. This is a key driver of higher Gold prices.”

The yellow metal broke above its 200-day moving average which is currently around the $1,245 level. If it closes above that level, that’s bullish for Gold.

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