Los Angeles CA, September 15 (Tangible Investments) — by James O’Dell — Precious metals prices turned lower on Friday, as Gold consolidates ahead of Fed policy meeting next week. Gold is down 0.36 percent to $1,324.20 an ounce after gaining $6.50 on Thursday to close at $1,329.00 an ounce.

Silver is down 0.70 percent to $17.64 an ounce after gaining $0.03 on Thursday to close at $17.77. The Gold/Silver ratio rose to 74.79. Platinum is down 1.12 percent to $972.00 an ounce. Palladium is down 0.76 percent to $910.00 an ounce.

Gold turned lower in early trading on Friday, even after North Korea launched another missile over our ally, Japan. It was only Thursday that North Korea threatened to use nuclear weapons to “sink” Japan.

Indexes in Asia closed mixed on Friday following the launch. North Korea also made new threats against the U.S. Many had been expecting the launch last weekend and markets may have priced it in already, explaining the subdued response.

“It would be wrong to say that markets are not taking any notice, but the relatively muted responses of yen, won and risk assets globally suggests that a sense of fatigue on this belligerence is creeping in” said Rob Carnell, head of Asia research at ING, in a note.

UN Security Council To Meet On North Korean Launch

The U.N. Security Council will hold an emergency meeting Friday on the matter. A weaker dollar and disappointing U.S. economic data including both August retail sales and industrial production are limiting Gold’s downside.

Gold was a “battleground for bulls and bears” this week, said Lukman Otunuga, research analyst at FXTM. “Bulls found support in the form of geopolitical tensions, dollar weakness and fading rate-hike expectations, which kept prices above $1,315,” says Otunuga. “Sellers were inspired by reports of Republicans releasing their tax-reform framework later this month, which boosted the dollar.”

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