Gold Starts New Year Hitting Three Month Highs
Los Angeles CA, January 2, (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were sharply higher on Tuesday as Gold starts New Year hitting three month highs. Gold is up 0.80 percent to $1,312.90 an ounce after gaining $7.80 on Friday to end the year at $1,302.50.
Silver is up 1.24 percent to $17.12 an ounce after gaining $0.07 on Friday to end the year at $16.91. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 77.02. Platinum is up 0.86 percent to $936.00 an ounce. Palladium is up 2.28 percent to $1,077.00 an ounce a 17-year high.
Gold hit three-month highs in early trading Tuesday after breaching resistance on Friday to end 2017 above $1,300 an ounce. The yellow metal is up sharply after recouping losses from the first half of December.
â€œIt found support from the weak U.S. dollar, which depreciated noticeably,â€ said Commerzbank. In the meantime, the dollar hit three-month lows on Tuesday after posting its worst year since 2003.
â€œWith the dollar stumbling into the New Year under renewed selling pressure, Gold is likely to remain heavily supported, with prices potentially appreciating towards $1,320 this week,â€ says Lukman Otunuga, research analyst at FXTM.
“Gold has clearly benefited from lower U.S. yields and a much weaker U.S. dollar into the year-end and one also suspects, quite a bit of urgent short-covering in a thin market,” said Jeffrey Halley, senior market analyst at OANDA.
Stocks Biggest Competition To Gold In New Year
Meanwhile, George Gero, managing director at RBC Wealth Management, sees Gold prices rising in 2018 as inflation picks up and competition from stocks diminishes. â€œThe biggest competition for Gold in the New Year will be equities,â€ says Gero.
â€œBut Iâ€™m not sure you are going to continue to see record equity markets next year and with Gold prices over $1,300 asset allocators will be more interested in diversifying back into the metal.â€
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