Los Angeles CA, January 16 (Tangible Investments) by James O’Dell Precious metals prices were lower across the board on Tuesday as Gold dips amid investor profit taking. Gold is down 0.44 percent to $1,333.70 an ounce after gaining $2.20 on Monday to close at $1,339.60.
Silver is down 1.41 percent to $17.09 an ounce after adding $0.14 on Monday to close at $17.34 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 77.25. Platinum is down 0.10 percent to $995.00 an ounce. Palladium is down 3.21 percent to $1,086.00 an ounce.
Gold dipped in early trading on Tuesday as the yellow metal consolidates while investors take profits and the dollar weakens. Even as the Fed tightens monetary policy, Gold will be climbing higher in 2018, says a report by TD Securities.
Softening USD, inflation and geopolitical risks drive Gold into $1,340s territory, lift precious complex correction in Gold not in the cards even as Fed tightens, says Bart Melek, head of commodity strategy at TD Securities.
As Gold prices continue to make their way higher this week, the yellow metal could test its ultimate target for bulls. It is currently set at $1,357 – September’s high, said MKS PAMP trader Sam Laughlin.
Supportive interest around USD $1,330 should restrict any further declines. However, should we see a period of weakness, support broadly around USD $1,305 – $1,310 will act as a pivot point for the metal and will need to hold to continue the recent upward momentum, said Laughlin, in note to clients.
China Demand For Gold Bars And Coins Soars
Meanwhile, According to the World Gold Council, Chinese demand for Gold bars and coins soared from the 162 metric tons (MT) consumed in 2016 to 233 MT consumed in the first three-quarters of 2017.
When Indian Gold bar and coin demand are included, China and India consumed nearly half of the world’s physical Gold in 2017.
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