Gold Edges Higher As Government Reopens

Gold Edges Higher As Government Reopens

Los Angeles CA, January 23 (Tangible Investments) by James O’ Dell Precious metals prices were mixed on Tuesday. Gold edges higher as government reopens. The yellow metal is up 0.27 percent to $1,336.70 an ounce after gaining $2.50 on Monday to close at $1,333.10.

Silver is down 0.47 percent to $16.90 an ounce after easing $0.02 on Monday to close at $16.98 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 78.51. Platinum is up 0.80 percent to $1,003.00 an ounce. Palladium is down 0.64 percent to $1,084.00 an ounce.

Gold rose in early trading on Tuesday while the dollar hovered near three-year lows as the federal government reopened. Senate Democrats accepted Majority Leader Mitch McConnell’s offer on Monday to end the filibuster of the stop-gap spending bill. The bill was passed by Congress on Monday evening.

“Dollar is mostly weakening and that has continued to be the number one supporter of Gold,” said analyst Fawad Razaqzada

The yellow metal remains bullish on the daily charts and has the potential to venture higher amid the weakening U.S. dollar, says Lukman Otunuga, research analyst at FXTM. From a technical standpoint, the fact that there have been consistently higher highs and higher lows verifies the bullish bias on the daily charts.”

Germans Investing Heavily In Gold

Meanwhile, according to Deutsche Boerse, which offers Gold-backed securities, Germans have been investing heavily in Gold.

The increase is due above all to the high demand from institutional investors, said Michael Koenig, managing director of Deutsche Boerse Commodities GmbH. However, an increasing number of asset managers, family offices and retail investors are becoming interested in Gold as an asset class.

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