Los Angeles CA, November 29 (Tangible Investments) — by James O’Dell — Precious metals prices edged lower on Wednesday as Gold dips on revised GDP Numbers. Gold is down 0.80 percent to $1,283.10 an ounce after easing $0.60 on Tuesday to close at $1,293.40 an ounce.
Silver is down 1.40 percent to $16.61 an ounce after sliding $0.18 on Tuesday to close at $16.84. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 76.81. Platinum is down 0.32 percent to $944.00 an ounce. Palladium is down 1.27 percent to $1,009.00 an ounce.
Gold turned lower in early trading on Wednesday after third quarter GDP numbers were revised higher to 3.3-percent. Also weighing on Gold are traders exiting their positions after the precious metal stalled near the $1,300-an-ounce level.
Geopolitical concerns, however, continue to underpin Gold, which has gained 12-percent this year, with much of the increase due to geopolitics. North Korea launching a ballistic missile on Tuesday saw an uptick in safe-haven demand for Gold and Silver.
New Sanctions To Be Imposed On North Korea
According to reports by the South Korean military, the latest missile test flew 10 times higher than the International Space Station. President Trump said earlier today that “additional major sanctions” would be imposed on North Korea following the latest missile test.
The news of the test by North Korea came while President Trump was negotiating with Congressional leaders to craft the outlines of a spending agreement. The meeting went ahead without Democratic leaders Senate Minority leader Schumer and House Minority Leader Pelosi but failed to reach an agreement.
The two leaders cancelled after President Trump earlier tweeted: “Meeting with ‘Chuck and Nancy’ today about keeping government open and working. Problem is they want illegal immigrants flooding into our Country unchecked, are weak on Crime and want to substantially RAISE Taxes. I don’t see a deal!
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