Los Angeles CA, May 8 (Tangible Investments) by James O’Dell Gold and Silver prices were mixed in early trading on Monday as Gold firms following French elections. Gold is up 0.21 percent to $1,230.50 an ounce after easing $0.10 on Friday to end the week at $1,227.90.
Silver is down 0.15 percent to $16.29 an ounce after gaining $0.01 on Friday to finish the week at $16.31. The Gold/Silver ratio fell to 75.29. Platinum is up 0.11 percent to $913.00 an ounce. Palladium is up 0.12 percent to $816.00 an ounce.
Gold firmed on bargain hunting and short covering in early trading on Monday after hitting seven-week lows last week. Demand is driving Gold higher after the euro strengthened following Emmanuel Macron’s presidential win in France. Although the euro strengthened, the dollar is still weighing heavily on Gold.
Europe Relieved After French Vote
“The result of (the French) election was pretty well forecast… Last week we had some sizeable (long) liquidation in Gold and physical demand remains pretty good right now… I’m not surprised to see Gold supported around current levels,” said Tom Kendall of ICBC Standard Bank.
Macron’s business-friendly vision for European integration brings welcome relief to his European allies who were fearing another populist Brexit vote. A French exit from the European Union (EU) may have spelled the end of the euro.
In the meantime, Frank Holmes, U.S. Global Investors CEO remains optimistic that within 12 months Gold could rally by more than 20 percent. The latest Fed statement hasn’t discouraged Holmes, he’s still bullish on Gold, even if volatility increases.
“I think we are going to see these see-saws which are great trading opportunities for Gold investors,” said Holmes.
Indian Gold Imports More Than Double
Meanwhile, Indian Gold imports in April more than doubled on strong demand from a year earlier to 75 tons. In the last week of April, India celebrated its annual holy festival of Akshaya Tritiya. Buying Gold during this period is considered auspicious, or a sign of future success.
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