Gold Posts Fourth Straight Weekly Gain

Gold Posts Fourth Straight Weekly Gain

Gold Posts Fourth Straight Weekly GainLos Angeles CA, January 8 (Tangible Investments) by James O’ Dell Precious metals prices were mixed on Monday after Gold posts fourth straight weekly gain. Gold is down 0.08 percent to $1,317.80 an ounce after easing $3.20 on Friday to finish the week at $1,318.80.

Silver is down 0.50 percent to $17.08 an ounce after easing $0.03 on Friday to end the week at $17.17. The Gold/Silver ratio fell to 76.81 as Silver outperformed Gold. Platinum is up 0.31 percent to $971.00 an ounce. Palladium is up 0.46 percent to $1,091.00 an ounce.

Gold was slightly lower in early trading on Monday as investors took profits while the dollar strengthened. Gold prices remained firm hovering just below 3-1/2-month highs as the dollar rose 0.2 percent against a basket of major currencies.

The dollar fell nearly 10 percent in 2017, its worst performance since 2003, so a bounce was expected.

“January is usually a good month for Gold prices and should remain so on the anticipation of physical demand ahead of the Chinese New Year,” said Stephen Innes, APAC head of trading, Oanda.

“While there could be some downside pressure from a possible US dollar correction, Gold will likely remain firm until a March Fed hike possibility comes on the radar,” said Innes.

December non-farm payrolls were weaker than expected on Friday with the U.S. adding just 148k new jobs in December. That reading fell well below economists’ expectations of +190k. Also, with the employment rate at 4.1 percent there are fewer unemployed left to hire.

Today, fewer immigrants will be allowed to work in the U.S. More workers are retiring experts say 148k may be a good month by 2020.

Investors See Interest Rates Staying Low

Meanwhile, investors remain unconvinced that the Trump tax reform plan will boost inflation, so the Fed will be unable to raise interest rates more than twice this year.

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. Take a moment and browse our vast selection of valuable collectible. Then, call Toll Free 1.888.655.9255 today.

Let the helpful staff at Tangible Investments assist you in your next purchase or sale. You may also wish to click here to check out our eBay store. Tangible Investments is the leading buyer of rare Gold and Silver coins, art, antiques, diamonds, sterling and flatware. We also loan against anything of value and offer more money at half the loan cost. Come in or call 1.888.655.9255 now for a free quote.

Leave a reply