Los Angeles CA, December 12 (Tangible Investments) — by James O’Dell — 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. “We 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),” says MKS.
“Should 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.”
Bitcoin Gold Two Different Investors
Meanwhile, research released this week by Goldman Sachs shows “no evidence of a mass exodus” from safe-haven Gold due to the recent surge in the Bitcoin price. Goldman’s global head of commodities research, Jeffrey Currie, says that the two groups of investors are vastly different.
…”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.”
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