Los Angeles CA, April 13 (Tangible Investments) – by James O’Dell – Gold and Silver prices were modestly lower in early trading on Thursday. Gold is down 0.21 percent to $1,283.90 an ounce on profit-taking after Gold rallies on Trump comments that the dollar was too strong. The yellow metal soared $12.60 or 0.99 percent on Wednesday to close at $1,286.60 an ounce.

The price of Silver is down 0.08 percent to $18.44 an ounce after adding $0.13 or 0.71 percent on Wednesday to close at $18.46 an ounce. The Gold/Silver ratio rose to 69.70. Platinum is up 0.21 percent to $973.00 an ounce. Palladium is down 0.63 percent to $794.00.

Best Week Since June For Gold

Gold hit fresh five-month highs in early trading on Thursday, as it remains on pace for a fifth straight weekly advance and its best week since June. The yellow metal got a boost on Wednesday after President Trump’s comments on the dollar’s strength dropped the greenback lower.

“I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me,” President Trump told the Wall Street Journal. “It’s very, very hard to compete when you have a strong dollar and other countries are devaluing their currency,” said the president.

Diversify With Gold

“The pullback in the dollar and U.S. rates has been supportive. French elections ahead and recent geopolitical headlines have also contributed to Gold’s strength of late, highlighting Gold’s role as a diversifier amid broader uncertainty and a hedge against tail risks,” said Joni Teves of UBS on Wednesday.

“Gold’s recapture of $1,280 for the first time since November is significant, as it opens up a trading range potentially to $1,300,” said Mitsubishi’s Jonathan Butler. “However, Gold is now moving into overbought territory on a short-term relative strength index basis, and there is elevated risk of profit-taking from here. Nonetheless, risk aversion should continue to support Gold in the medium term.”

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