Gold Edges Higher After PPI Report

Gold Edges Higher After PPI Report

Gold Edges Higher After PPI ReportLos Angeles CA, November 14 (Tangible Investments) by James O’ Dell Precious metals prices were mixed on Tuesday as Gold edges higher after PPI report. Gold is up 0.07 percent to $1,278.80 an ounce after gaining $3.00 on Monday to close at $1,274.90.

Silver is down 0.47 percent to $16.96 an ounce after adding $0.18 on Monday to close at $16.86. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 74.99. Platinum is down 0.64 percent to $925.00 an ounce. Palladium is down 0.51 percent to $979.00 an ounce.

Gold is slightly higher in early trading on Tuesday as the dollar weakens against a basket of major currencies. The Labor Department reports that the Producer Price Index (PPI) rose 0.4 percent in October, the same as it did in September.

Economists were expecting an increase of just 0.1 percent. “Still, markets will wait for tomorrow’s data to make a judgement on whether inflation is perking back up, said Royce Mendes, senior economist at CIBC World Markets.

In the meantime, while Gold’s chart shows a pattern of higher lows recently, the precious metal likely needs a fresh catalyst to make the next leg up, according to analysts.

Gold and Silver continued to exhibit little momentum, but we have witnessed a trend of higher lows, says TDS.

The precious metals are in need of a catalyst to force a breakout higher additional disappointment on the oft-cited and promised U.S. tax plan or a meaningful equity correction could well be a catalyst for a move higher. With that, any convincing move above $1,290/oz could see the yellow metal test recent highs in the mid-$1,300s.

Safe-Haven Demand For Gold Soaring

Meanwhile, with the recent turmoil in the Middle East, safe-haven demand for Gold coins and bars is soaring. According to a report from the World Gold Council (WGC) Turkey is currently importing record amounts of Gold. Bar and coin purchases so far this year total 47 tons, that’s triple the 14.8 tons purchased last year.

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