Los Angeles CA, December 5, (Tangible Investments) — by James O’Dell — Precious metals prices were sharply lower on Tuesday as Gold trades near base of recent range. Gold is down 0.78 percent to $1,265.70 an ounce after easing $4.00 on Monday to close at $1,275.60 an ounce.
Silver is down 1.23 percent to $16.09 an ounce after sliding $0.13 on Monday to close at $16.29 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 78.31. Platinum is down 0.87 percent to $916.00 an ounce. Palladium is down 0.71 percent to $979.00 an ounce.
Gold nears two-month lows in early trading on Tuesday as the dollar strengthens for a second day from optimism over passage of the Republican tax plan.
While the Senate and House versions of the tax bill contain significant differences, the House voted on Monday to go to conference with the Senate on the bill. This establishes formal negotiations on the legislation that could take several weeks to complete.
The Senate is expected to take a similar vote later in the week. INTL FCStone says Gold will likely remain range-bound through most of December, even though the dollar may weaken after the tax bill passes and the Fed hikes rates again.
“A weaker dollar should theoretically provide an element of support to the precious-metals group,” said the firm’s monthly commodities report.
Geopolitical Concerns Assure Demand For Safe-Haven Assets
Meanwhile, there is still plenty of political and geopolitical concerns at work in the economy to assure a steady demand for safe-haven assets like Gold bullion.
Congress plans to avert a partial shutdown of the government later this week with short term funding for the government and the debt ceiling. “There’s not going to be a government shutdown,” says Senate Majority Leader Mitch McConnell.
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