Gold Higher Following President Trump UN Speech

Gold Higher Following President Trump UN Speech

Gold Higher Following President Trump UN SpeechLos Angeles CA, September 20 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Wednesday with Gold higher following President Trump UN speech. Gold is up 0.06 percent to $1,311.50 an ounce after gaining $3.60 on Tuesday to close at $1,310.70.

Silver is up 0.20 percent to $17.24 an ounce after adding $0.12 on Tuesday to close at $17.24. The Gold/Silver ratio fell to 75.85 as Silver outperformed Gold. Platinum is down 0.74 percent to $944.00 an ounce. Palladium is down 0.44 percent to $897.00 an ounce.

Gold rose in early trading on Wednesday as the dollar weakened ahead of the Fed’s policy statement at 2:00 p.m. ET. The yellow metal got a boost late Tuesday when President Trump threatened “to totally destroy North Korea…if [the US] is forced to defend itself or its allies,” during his first appearance at the U.N.

“A weaker dollar seems to be helping Gold and Silver in the aftermath of President Trump’s somewhat unusual speech yesterday at the U.N. General Assembly, whereby he put North Korea on notice that the country would be ‘destroyed’ should its leader threaten the U.S. or its allies,” said  analyst Edward Meir, of INTL FCStone.

The Asian trading desk of MKS Pamp, reports that after “seeing solid underlying interest above $1300,” on Tuesday, bullion found “decent physical interest out of the Far East.”

Focus On FOMC

Meanwhile, the focus today will be the Federal Open Market Committee (FOMC) meeting and Fed Chair Janet Yellen’s presser that follows. The Fed is not expected to raise interest rates for a third time this year at this meeting.

Markets, however, have priced in a fifty-six percent chance that the Fed could raise rates in December. The Fed is expected to announce the reduction of its massive balance sheet of $4.2 trillion in bonds and mortgage-backed securities. The majority of the balance sheet was accumulated in response to the 2007-2009 financial crisis.

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