Los Angeles CA, September 11 (Tangible Investments) — by James O’Dell — Precious metals prices were lower on Monday after Gold eases as North Korea elects not to launch again. Gold is down 0.96 percent to $1,333.10 an ounce after easing $2.60 on Friday to end the week at $1,346.00.

Silver is down 0.67 percent to $17.81 an ounce after easing $0.16 on Friday to finish the week at $17.93. The Gold/Silver ratio rose to 75.07. Platinum is down 1.19 percent to $995.00 an ounce. Palladium is down 0.22 percent to $928.00 an ounce.

Gold edged lower in early trading on Monday as the dollar recovered after North Korea decided not test another missile over the weekend. The rhetoric coming from North Korea continued on Monday but to a limited degree.

“In case the U.S. eventually does rig up the illegal and unlawful ‘resolution’ on harsher sanctions, the DPRK shall make absolutely sure that the U.S. pays due price,” said North Korea’s foreign spokesman.

The UN Security Council is expected to vote Monday on a watered down sanctions package against North Korea. The U.S. drafted resolution once called for an oil embargo as well as a halt to its key textile exports.

Now, even North Korean leader, Kim Jong Un’s financial and travel ban have been weakened. Russia and China both have veto powers, explained diplomats.

“While the yellow metal may continue to edge lower amid the risk-on trading environment, the lingering air of caution is likely to limit downside losses,” says Lukman Otunuga, research analyst at FXTM.

Further Upside Ahead For Gold

“The dollar is still vulnerable to further losses, as expectations rapidly fade over the Federal Reserve raising U.S. interest rates in December, so Gold is likely to remain supported moving forward. Further upside is still on the cards, especially when considering how heightened political uncertainty in Washington, geopolitical tensions and Brexit concerns continue to stimulate the flight to safety.”

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