Los Angeles CA, October 13 (Tangible Investments) — by James O’Dell — Precious metals prices rose on Friday after Gold climbs back above 1300 on weak data. Gold is up 0.54 percent to $1,300.10 an ounce after advancing $2.00 on Thursday to close at $1,293.10.

Silver is up 0.55 percent to $17.33 an ounce after gaining $0.08 on Thursday to close at $17.23 an ounce. The Gold/Silver ratio fell to 75.05 as Silver outperformed Gold. Platinum is up 0.43 percent to $941.00 an ounce. Palladium is up 2.39 percent to $987.00 an ounce.

Gold broke above the psychological $1,300.00 level in early trading Friday after the September consumer price index (CPI) missed expectations. While CPI was up 0.5 percent from August, economists were expecting a reading of 0.6 percent. The miss becomes important after the release of September FOMC minutes on Wednesday revealed a division among policymakers over lagging inflation.

U.S. retail sales in September also came up short gaining just 1.6 percent, when 1.7 percent was forecast. August retail sales were also downwardly revised after falling 0.1 percent. Odds the Fed will hike interest rates in December fell from 87 to 82 percent after the data was released.

Tougher Stance On Iran

President Trump is expected to speak later today and will be outlining a tougher stance on Iran. The bellicose stance taken by President Trump adds to investor concerns over North Korea and further political chaos in Washington. “We have Donald Trump in the White House picking a fight with everyone, which is providing some underlying support for Gold,” said Saxo Bank analyst Ole Hansen.

Meanwhile, the Kitco Gold Survey turned up some positive outlooks for next week, like the following. “I believe geopolitics surrounding the Iran deal and North Korea, together with buoyancy from rising commodities, will lift Gold to $1,310 per ounce next week – possibly higher,” said Richard Baker, editor of the Eureka Miner Report. “Silver should follow Gold higher next week to $17.40 per ounce.”

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