Los Angeles CA, September 7 (Tangible Investments) — by James O’Dell — Precious metals prices rallied across the board on Thursday as Gold spikes on debt ceiling deal between President and Congress. Gold is up 0.94 percent to $1,346.00 an ounce after easing $5.90 on Wednesday to close at $1,333.50 an ounce.

Silver is up 0.90 percent to $18.01 an ounce after trading flat on Wednesday to close at $17.85 an ounce. The Gold/Silver ratio fell to 74.71 as Silver outperformed Gold. Platinum is up 1.00 percent to $1,013.00 an ounce. Palladium is up 1.83 percent to $948.00 an ounce.

Gold climbed in early trading Thursday as the dollar weakened after President Trump agreed to a short-term debt limit extension. The President surprised Congress Wednesday when he accepted a deal by Democrats tying hurricane relief to a three-month debt-ceiling extension.

The yellow metal got another lift earlier today when European Central Bank (ECB) President Mario Draghi left interest rates unchanged. Draghi says monetary accommodation is still needed. “A very substantial degree of monetary accommodation is still needed for underlying inflation pressures to gradually build up and support headline inflation developments in the medium term,” said Draghi.

Tensions between the U.S. and North Korea over that nations’ illegal nuclear arms program continues to provide support for safe-haven Gold. “The odds of geopolitical tensions escalating further are very high,” says Naeem Aslam, chief market analyst at Think Markets. “If North Korea does another missile test, it will trigger risk-off trade and the yellow metal could benefit,” added Aslam.

Hurricane Harvey Hurts Jobs

Meanwhile, the Labor Department reported Thursday that initial weekly U.S. jobless claims rose by 62k to a seasonally adjusted 298k. The tally was the highest for initial claims since April 18, 2015. The government blamed the dramatic increase on Hurricane Harvey.

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