Los Angeles CA, December 4, (Tangible Investments) by James O’ Dell Precious metals prices were lower across the board on Monday and Gold steady after Senate passes Tax Plan. Gold is down 0.34 percent to $1,275.30 an ounce after gaining $5.00 on Friday to finish the week at $1,279.60.
Silver is down 0.79 percent to $16.29 an ounce after adding $0.08 on Friday to end the week at $16.42. The Gold/Silver ratio rose to 77.93. Platinum is down 1.07 percent to $927.00 an ounce. Palladium is down 0.99 percent to $1,005.00 an ounce.
Gold is lower in early trading Monday, weighed down by the tax plan passed early Saturday morning by U.S. Policymakers.
In the early hours of Saturday morning, the U.S. Senate then passed a tax reform bill that envisages extensive tax cuts, said Commerzbank AG analysts including Eugen Weinberg. Market participants regained their risk appetite as a result, so the Gold price fell accordingly.
According to INTL FCStone analyst Edward Meir in a note, the tax bill should not have much short term impact on Gold. ETF investors had bought large quantities of Gold on Friday, presumably ahead of the Senate vote [on tax-cuts],â€ says Commerzbank. The Gold ETFs tracked by Bloomberg recorded inflows of 12.6 tons, their highest in three months.
War Games Spark Safe Haven Demand
Meanwhile, safe-haven Gold is expected to get a boost from the war games the U.S. is now staging near South Korea. The display of strength to neighboring North Korea features hundreds of aircraft including two dozen U.S. stealth jets.
The exercises have been dubbed Vigilant Ace, and come amid tensions sparked by Kim Jong Un missile and nuclear tests. The war games will run until Friday and come less than a week after North Korea tested an apparent ICBM. That’s an intercontinental ballistic missile and North Korea threatens to arm it with a mini-hydrogen bomb they’ve also been testing.
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