Los Angeles CA, January 25 (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were mixed on Thursday as Gold extends rally Trump in Davos. Gold is up 0.34 percent to $1,362.30 an ounce after rallying $16.80 on Wednesday to close at $1,357.70 an ounce.
Silver is up 0.26 percent to $17.58 an ounce after adding $0.05 on Wednesday to close at $17.03 an ounce. The Gold/Silver ratio rose to 78.74. Platinum is up 1.08 percent to $1,025.00 an ounce. Palladium is down 0.72 percent to $1,096.00 an ounce.
Gold rose in early trading on Thursday with the dollar hovering at three-year lows as Trump arrives in Davos, Switzerland. President Trump arrived in Davos Thursday for the World Economic Forumâ€™s annual meeting with many cabinet members already in attendance.
It’s only the second time a sitting American president has attended the forum, the first was Bill Clinton in 2000. In the meantime, after Treasury Secretary Mnuchin endorsed the greenbackâ€™s fall, analysts now believe Gold could quickly rally to $1,400.
â€œItâ€™s quite significant given that this is the first time in a very long time that a Treasury secretary has spoken against a strong dollar,â€ said Sireen Harajli, FX strategist at Mizuho.
Stephen Innes, of Oanda Corp., says that Gold at $1,400 an ounce is â€œachievableâ€ within the next two months.
Currency War Starting?
Meanwhile, as markets continue to digest Mnuchin’s comment that a weaker U.S. dollar is â€œgoodâ€ for the U.S. economy, rhetoric of a potential global currency war is gaining traction.
Lukman Otunuga, of FXTM, however, says that it may be too early to declare the start of a currency war. â€œThe dollar is likely to remain depressed moving forward, as anxious investors ponder over the possibility of a potential currency war scenario. The dollar index remains heavily bearish on the daily charts with 88.00 in sight,â€ said Otunuga.
â€œ[Gold] remains firmly bullish on the daily charts with further upside on the cards amid a vulnerable US Dollar.â€
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