Los Angeles CA, December 12 (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were lower across the board on Tuesday. Markets await rate hike decision Gold steady. The yellow metal is down 0.28 percent to $1,237.80 an ounce after easing $6.90 on Monday to close at $1,241.30.
Silver is down 0.16 percent to $15.65 an ounce after slipping $0.15 on Monday to close at $15.68 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 79.16. Platinum is down 1.35 percent to $874.00 an ounce. Palladium is down 0.80 percent to $991.00 an ounce.
Gold dips to new 5-month lows in early trading Tuesday as the dollar strengthens ahead of 2-day Fed policy meeting. The market is awaiting the outcome of the Federal Open Market Committee (FOMC) meeting Wednesday with expectations of a rate-hike.
“The rise is already in the price so it’s more about the outlook the Fed gives,” said ABN Amro commodity strategist Georgette Boele. â€œWe continue to expect heavy, albeit muted trade into the FOMC rates decision, with support for the metal initially sitting around $1,240 (Fib retracement of the July-September move),â€ says MKS.
â€œShould weakness extend further, we are unlikely to see any major support until $1,200-$1,210. From a resistance standpoint, offers around $1,250 will form a mild barrier to further gains, while major resistance sits at the 200 DMA (day moving average), currently $1,268.â€
Bitcoin Gold Two Different Investors
Meanwhile, research released this week by Goldman Sachs shows â€œno evidence of a mass exodusâ€ from safe-haven Gold due to the recent surge in the Bitcoin price. Goldmanâ€™s global head of commodities research, Jeffrey Currie, says that the two groups of investors are vastly different.
â€¦â€We believe the composition of demand between Bitcoin and Gold is the key difference in the recent price action. In our view Bitcoin is attracting more speculative inflows relative to Gold.â€
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