Los Angeles CA, October 12 (Tangible Investments) — by James O’Dell — Precious metals prices rose on Thursday as safe haven demand weaker dollar lift Gold. The yellow metal is up 0.14 percent to $1,292.90 an ounce after gaining $3.60 on Wednesday to close at $1,291.10.

Silver is up 0.12 percent to $17.17 an ounce after adding $0.04 on Wednesday to close at $17.15 an ounce. The Gold/Silver ratio rose to 75.28 as Gold outperformed Silver. Platinum is up 0.17 percent to $938.00 an ounce. Palladium is up 1.68 percent to $968.00 an ounce.

Gold advanced in early trading Thursday as the dollar weakened after minutes from the September Federal Open Market Committee (FOMC) meeting revealed policymaker’s concerns about low inflation.

The dovish tone of the minutes spurred dollar selling while Gold broke above resistance and nearly tested $1,300 in overnight trading. Today, Gold remains on the path to breaking $1,300 an ounce, as concerns about North Korea, Catalonia, and U.S. politics escalate.

Catalonia Has 8 Days

In Spain, Prime Minister Rajoy announced Wednesday that the Catalan government has eight days to drop its bid for independence. If the government should fail to comply, Spain will suspend Catalonia’s political autonomy and assume direct rule of the region.

North Korea’s Foreign Minister, Ri Yong Ho said it was President Trump’s September speech to the United Nations when the tipping point toward war occurred. “By his bellicose and insane statement in the UN arena, Trump — it can be said — lit the wick of the war against us,” said Ri Yong Ho.

“The precious metals bulls are having a good week, due to several factors that include some safe-haven demand, a weakening U.S. dollar, technical buying, and Federal Reserve members without a consensus on the inflation outlook,” said Kitco’s senior analyst Jim Wyckoff.

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