Gold Edges Higher On Weaker Dollar
Los Angeles CA, January 18 (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were mixed on Thursday as Gold edges higher on weaker dollar. Gold is up 0.29 percent to $1,330.50 an ounce after tumbling $11.40 on Wednesday to close at $1,326.60 an ounce.
Silver is up 0.15 percent to $17.00 an ounce after easing $0.20 on Wednesday to close at $16.98 an ounce. The Gold/Silver ratio rose to 78.13. Platinum is up 0.60 percent to $1,004.00 an ounce. Palladium is down 1.08 percent to $1,095.00 an ounce.
Gold rose in early trading Thursday as the dollar fell amid growing concerns of a government shutdown. Lawmakers haven’t been able to agree on a budget that the President is willing to sign. Analysts say that the dollar will suffer if a temporary funding agreement isn’t reached by the Friday deadline.
President Trump added to lawmakersâ€™ problems Thursday saying he doesn’t want a long-term extension of the Childrenâ€™s Health Insurance Program in the stopgap spending bill now before the House.
Also supporting Gold, the manufacturing business outlook survey released today by the Philadelphia Federal Reserve was weaker-than-expected in January.
Consensus expectations were calling for a slight drop to 24.9, but the survey fell to 22.2 well below the 26.2 number in December. The survey suggests a slowdown in economic growth which could affect the number of rate-hikes by the Fed this year.
Gold Heading To $1400?
Meanwhile, After Gold’s recovery in 2017, the yellow metal in for further gains this year, and could hit $1,440 an ounce, says MKS PAMP in its annual outlook.
â€œIâ€™m always a bit nervous when Gold prices rise this much, this fast,â€ said Mark Oâ€™Byrne of GoldCore Ltd. â€œBut there certainly is healthy demand from China and the futures market — I think we should break highs above $1,400 later in the year.â€
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