Los 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 and with the employment rate at 4.1 percent there are fewer unemployed left to hire.
Now that fewer immigrants will be allowed to work in the U.S., and 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.
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