President Trump Promotes Tax Plan Gold Dips

President Trump Promotes Tax Plan Gold Dips

President Trump Promotes Tax Plan Gold DipsLos Angeles CA, April 26 (Tangible Investments) – by James O’Dell – Precious metals prices edged lower in early trading on Wednesday as President Trump promotes tax plan. Gold is down 0.12 percent to $1,262.50 an ounce after easing $12.00 on Tuesday to close at $1,264.00 an ounce.

Silver is down 0.65 percent to $17.46 an ounce after sliding $0.36 on Tuesday to close at $17.57 an ounce. The Gold/Silver ratio rose to 71.94. Platinum is down 0.73 percent to $946.00 an ounce. Palladium is trading flat at $799.00.

Gold Hits Two Week Lows

Gold hit two-week lows in early trading on Wednesday as investors turned their attention to equities instead of Gold. “We can see that risk appetite has increased after the easing situation in North Korea and French election results,” said Mark To, of Wing Fung Financial Group.

The yellow metal failed to overcome key technical resistance at $1,300 an ounce, a level last seen in November 2016. The $1,260 level is now a key technical support area for the yellow metal, says FXTM research analyst Lukman Otunuga.

“Sellers have exploited the risk-on trading environment to install heavy rounds of selling on the yellow metal…,” said Otunuga. “Although geopolitical tensions and overall uncertainty may support the yellow metal in the longer term, short term bears could reclaim control below $1,260.”

Gold Demand Climbing In Asia

Meanwhile, data shows an increase in Gold demand in both China and India, according to a report by Commerzbank. “It seems that Chinese traders took advantage of the noticeably fallen prices in the first half of March – when Gold dipped briefly below the $1,200 mark – to stock up on Gold. What is more, stocks are likely to have been reduced accordingly given that China held back on imports in the previous months.”

China is “following India’s lead, which itself reported high Gold imports in March almost two weeks ago.”

It’s important to protect your hard earned wealth during these times of economic and geopolitical uncertainty. At Tangible Investments, it doesn’t matter whether you’re new to precious metals or a seasoned veteran, you will always be dealing with top industry experts.

Take a moment and browse our vast selection of valuable collectibles, then call Toll Free 1.888.655.9255 today. Let the helpful staff at Tangible Investments assist you in your next purchase or sale. You may also wish to click here to check out our eBay store. Tangible Investments is the leading buyer of rare, Gold and Silver coins, art, antiques, diamonds, sterling and flatware. We also loan against anything of value and offer more money at half the loan cost.

Leave a reply