Los Angeles CA, January 18 (Tangible Investments) — by James O’Dell — 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 lawmakers’ problems Thursday saying he doesn’t want a long-term extension of the Children’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.
“I’m always a bit nervous when Gold prices rise this much, this fast,” said Mark O’Byrne of GoldCore Ltd. “But there certainly is healthy demand from China and the futures market — I think we should break highs above $1,400 later in the year.”
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