Los Angeles CA, September 8 (Tangible Investments) — by James O’Dell — Precious metals prices turned modestly lower on Friday with investors concerned North Korea could launch again. Gold is down 0.19 percent to $1,346.10 an ounce after soaring $15.10 on Thursday to close at $1,348.60 an ounce.

Silver is down 0.33 percent to $18.04 an ounce after gaining $0.24 on Thursday to close at $18.09 an ounce. The Gold/Silver ratio fell to 74.55. Platinum is down 0.69 percent to $1,009.00 an ounce. Palladium is down 1.79 percent to $934.00 an ounce.

Gold eased in early trading Friday as shorter term investors take profits while Gold continues to run up the score. With global equity markets weakening and the U.S. dollar accelerating in its downtrend, the market is bullish for safe-haven Gold.

“The dollar has been weakening for some time and that is the main reason Gold is going up,” says Julius Baer analyst Carsten Menke.

Hurricane Harvey, and perhaps even Hurricane Irma may offer the Fed some cover for not raising interest rates further this year. The Labor Department reported Thursday that initial weekly jobless claims rose by 62k and blamed the increase on Hurricane Harvey.

“Jitters created from the tensions between North Korea and the United States have attributed to Gold’s resurgence, while a weaker dollar amid fading rate-hike expectations continues to fuel the upside,” says Lukman Otunuga, research analyst at FXTM.

Investors Concerned North Korea Could Launch This Weekend

The concern is that North Korea could launch another missile to celebrate its Independence Day on September 9th.

Even though the metals may appear to be “overbought” on the charts, the Bulls are sticking with Gold, says Sean Lusk, director of commercial hedging with Walsh Trading.

“Continuing tensions on the Korean peninsula over North Korea’s nuclear tests continue to provide a backbone of support for safe-haven Gold,” added Lusk.

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