Los Angeles CA, January 4 (Tangible Investments) by James O’ Dell Precious metals prices rose across the board on Thursday, while Gold extends gains as DOW hits 25000. Gold is up 0.45 percent to $1,318.40 an ounce after easing $4.60 on Wednesday to close at $1,312.50 an ounce.
Silver is up 0.56 percent to $17.20 an ounce after slipping $0.05 on Wednesday to close at $17.10 an ounce. The Gold/Silver ratio fell to 76.75. Platinum is up 0.42 percent to $959.00 an ounce. Palladium is up 1.58 percent to $1,095.00 an ounce.
Gold rose in early trading Thursday as the Dow Jones Industrial Average climbed above the 25,000-level for the first time. The yellow metal rose more than 13 percent during 2017 and started the New Year above the key $1300 level.
The increase is due above all to the high demand from institutional investors, says Michael Koenig, 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.
The precious metal is showing its resilience while global equity markets are in record territory, notwithstanding the high PE ratios.
Gold begins 2018 at the highest level since last September, and the highest January opening since 2013. This marks only the fourth time ever that Gold has opened the year above $1,300/oz, says Mitsubishi.
“In large part, the performance of Gold, and indeed the performance of many dollar-denominated asset prices, can be explained by the weakness of the US dollar, which fell by 10 percent last year against a basket of major traded currencies the worst yearly performance since 2003.
December Fed Minutes Deemed Hawkish
Meanwhile, the minutes from the Dec. 12-13 Federal Open Market Committee (FOMC) meeting were released on Wednesday and deemed to be more hawkish than expected. Some saw inflation as remaining low, while others saw risks that the tax cuts could overheat the economy and thus boost inflation, said TDS Analysts.
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