Gold Nears $1300 Before Profit Taking

Gold Nears $1300 Before Profit Taking

Gold Nears $1300 Before Profit TakingLos Angeles CA, April 17 (Tangible Investments) – by James O’Dell – Gold and Silver prices were mixed in early trading on Monday. Gold is up 0.15 percent to $1,289.70 an ounce after peaking above $1,295 an ounce in overnight trade before profit taking. Markets were closed on Friday in the U.S. in observance of the Easter holiday.

Silver is down 0.03 percent to $18.51 an ounce after closing on Thursday at $18.52 an ounce. The Gold/Silver ratio fell to 69.54. Platinum is up 1.44 percent to $986.00 an ounce. Palladium is down 0.50 percent to $790.00.

Gold Up Around 11 Percent

Gold is up around 11 percent this year as investors seek physical Gold for its safe-haven appeal in troubling times. Tensions surrounding North Korea were significant enough to move markets on Monday morning in Asia, said MKS PAMP Group trader Jason Cerisola in a note.

“The market opened rather bid in the Far East overnight on the back of the North Korean missile test which failed,” said Afshin Nabavi, of MKS (Switzerland) SA.

Gold finally closed above its 200-day average, now Standard Chartered says it foresees further gains in the yellow metal. “Aided predominantly by rising geopolitical tensions, accompanied by USD (U.S. dollar) weakening and softer U.S. 10-year Treasuries, prices have found a firmer footing and Gold volatility has risen,” said Standard in a research note ahead of the weekend.

Jawboning The Dollar Lower

Meanwhile, TD Securities warns that with President Trump’s efforts to jawbone the U.S. dollar lower, foreign-exchange markets are likely to become “increasingly desensitized” to his administration’s views on the greenback. “While jawboning is likely to be second order, the reshaping of monetary policy will be a key risk for the FX market later this year,” said TDS.

Also, China’s annual growth rate was 6.9 percent in the first quarter, its strongest pace in nearly two years. That’s positive news for precious metals.

It’s important to protect your hard earned wealth during these times of economic and geopolitical uncertainty. At Tangible Investments, it doesn’t matter whether you’re new to precious metals or a seasoned veteran. You will always be dealing with top industry experts.

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