Investors Take Profits Gold Dips
Los Angeles CA, December 14 (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were mixed on Thursday. Investors Take Profits Gold Dips. Gold is down 0.30 percent to $1,251.60 an ounce after rallying $11.40 on Wednesday to close at $1,255.40 an ounce.
Silver is down 1.25 percent to $15.85 an ounce after soaring $0.35 on Wednesday to close at $16.05 an ounce. The Gold/Silver ratio fell to 78.22 as Silver outperformed Gold. Platinum is down 1.02 percent to $877.00 an ounce. Palladium is up 0.10 percent to $1,008.00 an ounce.
Gold dipped in early trading Thursday after rallying Wednesday following the outcome of the Federal Open Market Committee (FOMC) meeting. Gold climbed more than one-percent late Wednesday after the Fed increased interest rates another quarter of a percent. Silver rose more than 2 percent.
Fed officials voted 7-2 to raise interest rates 25 basis points from 1.25 percent to 1.5 percent. Forward guidance suggests the possibility of as many as three more rate hikes next year. The two dissenting policymakers were Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari.
Low Inflation Still Concern
â€œAlthough the Federal Reserve raised U.S. interest rates on Wednesday as widely expected, concerns over low inflation in the U.S. stole the show, ultimately punishing the greenback,â€ says Lukman Otunuga, research analyst at FXTM. In the euro-zone, both the Bank of England and the European Central Bank (ECB) left interest rates unchanged at record low levels.
Meanwhile, better-than-expected retail sales are weighing on Gold after the Commerce Department reports U.S. retail sales increased by 0.8 percent during November. In addition, overall sales for October were revised up from 0.2 percent to 0.5 percent.
â€œIt was a strong start to the holiday shopping season for U.S. retailers, with November sales blowing past expectationsâ€¦,â€ said Andrew Grantham of CIBC Economics.
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