Los Angeles CA, May 1 (Tangible Investments) – by James O’Dell – Gold and Silver prices retreated in thin trading on Monday as North Korean threats continue to support Gold. The yellow metal is down 0.59 percent to $1,260.20 an ounce after gaining $4.30 on Friday to end the week at $1,267.80.

Silver is down 0.84 percent to $17.02 an ounce after easing $0.06 on Friday to finish the week at $17.17. The Gold/Silver ratio rose to 73.84. Platinum is down 0.85 percent to $936.00 an ounce. Palladium is down 1.33 percent to $816.00 an ounce.

North Korea Continues Threats

Gold dipped in early trading on Monday as the dollar firmed after Congressional wrangling averted a government shutdown. “Interest around $1,262 restricted further declines to keep the metal within the recent range and we are likely to see this theme continue today with the UK on holiday,” said Sam Laughlin, a trader with MKS PAMP Group.

North Korea pledged on Monday to continue its weapons testing and threatened to build its nuclear force “to the maximum.” Countries in close proximity to North Korea are calling for cooler heads. The U.S. doesn’t want North Korea to expand its nuclear program any further, so look for Gold to rise.

“We see Gold maintaining a relatively higher trading range in May as tensions with North Korea will command more attention now that the bearish impact of the French election is out of the way,” said Edward Meir of INTL FCStone.

Economy Off To Slow Start

Meanwhile, Friday’s first quarter gross domestic product (GDP) report showed the economy expanded just 0.7 percent through March. It was the worst showing by the economy since the first quarter of 2014. The Commerce Department reported on Monday that U.S. consumer spending also stalled in March.

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