Gold Eases On Mild Profit Taking
Los Angeles CA, January 29 (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were mixed on Monday As Gold eases on mild profit taking. Gold is down 0.44 percent to $1,343.40 an ounce after gaining $2.00 on Friday to end the week at $1,349.30.
Silver is down 0.96 percent to $17.42 an ounce after gaining $0.13 on Friday to finish the week at $17.39. The Gold/Silver ratio fell to 77.59. Platinum is up 0.40 percent to$1,010.00 an ounce. Palladium is down 0.28 percent to $1,080.00 an ounce.
Gold dipped in early trading on Monday as the dollar rose ahead of President Trump’s State-of-the-Union Address on Tuesday. â€œThe precious metals group is feeling the impact of the dollar’s surge mostâ€¦, says INTL FCStone.
The dollar slumped to 3-1/2 year lows last week after Treasury Secretary Mnuchin was quoted in Davos as saying: â€œObviously a weaker dollar is good for us as it relates to trade and opportunities.â€
President Trump said the Secretary’s comments were taken out of context while Secretary Mnuchin walked-back his comments slamming the dollar.
â€œNot only did Mnuchin clarify his comments, but President Trump gave as near a full-throated endorsement of the strong-dollar policy as imaginable,â€said Brown Brothers Harriman.
“We have seen massive rebound in Gold, and traders need more clarity in relation to the dollar trend after mixed comments from the U.S. president and U.S. Treasury secretary,” said Naeem Aslam of ThinkMarkets. “Our view that it is likely that we will [see] another push to the upside (in Gold).”
Rates To Remain Unchanged
The two-day Federal Open Market Committee (FOMC) meeting that starts Tuesday and Friday’s jobs report are two more key-events affecting Gold this Week.
FOMC policymakers are expected to leave interest rates unchanged Wednesday, it will also be Fed Chair Janet Yellen’s final meeting. After a disappointing December jobs report, economists are expecting that around 175,000 new jobs were added in January.
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