Gold Rallies On Short Covering And Bargain Hunting
Los Angeles CA, June 23 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Friday as Gold rallies on short covering and bargain hunting. The yellow metal is up 0.56 percent to $1,257.00 an ounce after gaining $3.70 on Thursday to close at $1,250.00.
Silver is up 1.00 percent to $16.69 an ounce after gaining $0.10 on Thursday to close at $16.53 an ounce. The Gold/Silver ratio fell to 75.62. Platinum is down 0.11 percent to $923.00 an ounce. Palladium is down 1.36 percent to $869.00 an ounce.
Gold rallied to a one-week high in early trading Friday as the dollar weakened on growing economic and political concerns.
“Gold bulls received inspiration this week in the form of plunging oil prices which weighed on global sentiment and soured risk appetite. A weakening dollar coupled with mixed messages from policymakers on U.S. rate-hike timings supported the metal further as prices lurched towards $1,258 during Friday’s trading session,†says FXTM research analyst Lukman Otunuga.
“The broad story is the tug of war between the Fed, which seems determined to push on with monetary tightening and reducing its balance sheet and political uncertainty,” said Danske Bank analyst Jens Pederson.
Even after the Fed raised interest rates last week and stated its intention to normalize monetary policy, Gold is climbing. “Geopolitical stuff is ramping up,†says Sean Lusk, director of commercial hedging with Walsh Trading, speaking of factors helping Gold. “We see some Asian buying coming back into the market.â€
Strong Demand From Asia On Dips
The Gold market continues to see strong demand from Asia on dips. Meanwhile, Chinese data shows May Silver imports were the most since 2010 and Platinum imports were strongest in a year.
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