Gold On Pace For Weekly Gains As Dollar Tumbles

  • Posted Friday, March 17, 2017 at 08:33 AM

Los Angeles CA, March 17 (Tangible Investments) - by James O'Dell - Gold and Silver prices rose in early trading on Friday, with Gold up 0.30 percent to $1,229.50 an ounce after adding $6.10 or 0.50 percent on Thursday to close at $1,225.80 an ounce.

Silver is up 0.14 percent to $17.32 an ounce after easing $0.04 or 0.23 percent on Thursday to close at $17.29 an ounce, while the Gold/Silver ratio rose to 70.90. Platinum is up 0.31 percent to $958.00 an ounce and Palladium is up 1.44 percent to $777.00.

Gold edged higher in early trading as it looks for its first weekly gains in the last three weeks, while the dollar heads for what could be its worst week since November.

“The combination of the Federal Reserve not signaling an acceleration of normalization…and perceptions that the ECB (European Central Bank) and BOE (Bank of England) can raise rates earlier than anticipated weighed on the dollar,” says Brown Brothers Harriman.

Phil Flynn, senior market analyst at Price Futures Group says the Fed statement this week that rate hikes should continue to be gradual, portends more gains ahead for Gold. “It went up…mainly because the interest-rate increase (announced Wednesday) was already priced in and because the Federal Reserve used the word ‘gradual’ when it came to raising interest rates,” said Flynn.

Meanwhile, Jeffrey Halley, senior market analyst at OANDA thinks that the G-20 meeting in Baden –Baden, Germany this weekend could lend a potential safe-haven bid to Gold. "This meeting has the potential to be more heated so to speak, with some very militant senior members of the new Trump administration in attendance and looking to shake the global trade tree," said Halley.

Treasury Secretary Steven Mnuchin said on Thursday that while the Trump administration doesn't want a trade war, trade relationships must be fairer for workers in the U.S.

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