Los Angeles CA, January 30 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Tuesday as Gold consolidates ahead of Trump speech. Gold is up 0.43 percent to $1,345.60 an ounce after easing $9.40 on Monday to close at $1,339.90 an ounce.
Silver is up 0.58 percent to $17.23 an ounce after sliding $0.26 on Monday to close at $17.13 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 78.22. Platinum is down 0.40 percent to$1,001.00 an ounce. Palladium is down 1.57 percent to $1,063.00 an ounce.
Gold rose in early trading on Tuesday as global stocks tumbled while the Dow braces for another triple-digit decline.
“Focusing purely on the technical picture, the yellow metal remains bullish on the daily and weekly charts,” says Lukman Otunuga, research analyst at FXTM.
The dollar, which started the week with a move higher, has softened and the precious metals are benefiting. In the meantime, investors are awaiting President Trump’s State-of-the-Union address later today for comments that could boost Gold.
Treasury Secretary Mnuchin gave Gold a boost last week when he said, “Obviously a weaker dollar is good for us as it relates to trade and opportunities.” Some analysts are calling for Gold to consolidate in the shorter term as it prepares to advance to $1,400 an ounce.
No Change In Policy Expected
Meanwhile, the Federal Open Market Committee (FOMC) meeting will conclude on Wednesday with investors watching for changes in monetary policy. The consensus opinion is that the Fed will allow policy to remain unchanged.
The January meeting will be Fed Chair Janet Yellen’s last policy meeting before her term expires later this week. Yellen will be succeeded by Jerome Powell, a Fed board member and Trump nominee approved by the Senate last week.
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