Gold Continues Trading Within Narrow Range

Gold Continues Trading Within Narrow RangeLos Angeles CA, November 30 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Thursday as Gold continues trading in narrow range. Gold is down 0.23 percent to $1,280.50 an ounce after easing $10.00 on Wednesday to close at $1,283.40 an ounce.

Silver is down 0.61 percent to $16.41 an ounce after tumbling $0.33 on Wednesday to close at $16.51 an ounce. The Gold/Silver ratio rose to 77.73. Platinum is up 0.43 percent to $942.00 an ounce. Palladium is down 0.20 percent to $1,005.00 an ounce.

Gold hit one-week lows in early trading on Thursday as the precious metal continues to trade within a well-defined range. “A lack of clear drivers has kept Gold between $1,265 and $1,300 an ounce throughout November, its narrowest monthly range in 12 years,” says SP Angel.

Heightened optimism about tax cuts and world equity markets in record territory continue to weigh on Gold.

“While we remain cautious on it (Gold) over three months, we regard setbacks as opportunities to add exposure,” said UBS analysts. “In the past, early stages of monetary policy normalization hurt Gold; but this time such adjustments resemble baby steps and likely will only be undertaken in sync with rising inflation.”

Meanwhile, personal incomes in the U.S. rose 0.4 percent in October, beating expectations of 0.3 percent. Core PCE, the Fed’s preferred measure of inflation, also beat expectations hitting 1.4 percent. Inflation has trended lower all year long until this uptick, but it’s still well below the Fed’s target rate of 2 percent. September’s PCE numbers were negatively revised to +0.9 percent.

Rate Hike Likely In December

With CME FedWatch Tool above 90 percent the next rate hike will likely come during the Dec. 12-13 policy meeting. Fed Chair Janet Yellen didn’t mention a timeline for the next rate increase but was upbeat on the overall economy in remarks to Congress on Wednesday. “The economic expansion is increasingly broad based across sectors as well as across much of the global economy,” said Yellen to the Joint Economic Committee.

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