Los Angeles CA, November 27 (Tangible Investments) by James O’ Dell Precious metals prices rose on Monday as political uncertainty continues to underpin Gold. Gold is up 0.56 percent to $1,295.10 an ounce after easing $2.70 on Friday to end the week at $1,287.90.

Silver is up 0.18 percent to $17.04 an ounce after easing $0.07 on Friday to finish the week at $17.01. The Gold/Silver ratio rose to 75.71. Platinum is up 0.53 percent to $946.00 an ounce. Palladium is up 0.20 percent to $991.00 an ounce.

Gold set fresh 5-week highs in early trading on Monday as investors return from the long Thanksgiving holiday. The market is still mulling the more-dovish-than-expected minutes from the Fed’s last policy meeting released on Wednesday.

Political uncertainty continues to underpin Gold as investors brace for a vote on tax-reform this week, and the debt-ceiling next week.

Failure to agree on tax reform or the debt ceiling could be damaging for risk assets, and especially for the U.S. dollar while supporting Gold as a risk hedge, said Jonathan Butler, precious-metals strategist at Mitsubishi.

The yellow metal is holding above support at both its 50- and 100-day moving averages. Over the short term, bullion will look to hold support around $1,283.50, [near where] both the 50 DMA and 100 DMA currently sit, with all eyes on developments regarding the proposed U.S. tax reforms and the U.S. GDP [gross domestic product] print on Wednesday, says Sam Laughlin, senior trader with MKS (Switzerland) S.A.

Senate Expected To Vote On Tax Bill This Week

Analysts expect the Senate version of the tax bill will be brought to the floor by Thursday, its fate uncertain. We expect it to come down to the wire but suspect the risk is that there are at least three Republican Senators of the 52 that will vote against the bill, says Brown Brothers Harriman.

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