Los Angeles CA, December 26 (Tangible Investments) by James O’ Dell Precious metals prices turned higher on Tuesday as Gold climbs in thin holiday trading. Gold is up 0.51 percent to $1,281.00 an ounce after advancing $8.40 on Friday to finish the week at $1,274.50.
Silver is up 0.52 percent to $16.46 an ounce after rallying $0.28 on Friday to close at $16.37 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 77.86. Platinum is up 0.22 percent to $920.00 an ounce. Palladium is up 0.78 percent to $1,037.00 an ounce, a near 17 year high.
Gold hit three week highs in thin early trading Tuesday as the dollar weakened following the Christmas Holiday celebration. The yellow metal posted a second straight weekly gain while closing above its 200-day moving average on Friday.
The metals continue to be underpinned by political and geopolitical concerns including North Korea’s nuclear ambitions and the Middle East. “With North Korea’s Constitution Day Holiday on Wednesday, there may also be an element of risk hedging in play for regional markets at the moment,” said Jeffrey Halley, senior market analyst at OANDA.
UN Security Council Increases Sanctions On North Korea
On Friday, the UN Security Council voted unanimously to increase sanctions against North Korea by adopting UNSC Resolution 2397 (2017).
The new sanctions cap North Korea’s importing of refined petroleum and crude oil, while banning certain exports and freezing assets. Any further testing of nuclear weapons or long range ballistic missiles by North Korea will bring additional sanctions.
Gold prices will have a strong bullish move today if the prices move towards the resistance level at $1,285, the psychological peak at $1,300. The nearest support levels for Gold are currently at $1,271, $1,265 and $1,253. We still prefer buying the Gold from every bearish level, said analysts at Daily Forex.
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