Precious metals are for the most part slightly weaker this morning, with spot gold and platinum prices off 0.2%, with gold at $1,231.15 per oz, while palladium prices are off 0.1% – although silver prices are bucking the trend with a 0.1% gain. Surprisingly, precious metals prices on Friday were upbeat seeing average gains of 1.1%, led by a 1.7% rise in silver, while gold prices closed up 0.6% at $1,233.30 per oz. These gains were seen despite a stronger dollar, but with oil prices stronger too, it may mean investors were buying into commodity baskets again.
Gold prices showed some profit-taking last week and although prices got carried higher on Friday in the wake of the industrial metals’ rallies, gold’s rally is looking a bit tired for now. Given bullishness in other markets this is not surprising, especially with the markets eagerly waiting for more details about President Trump’s tax changes. Silver seems to be outperforming gold for now, the gold/silver ratio is falling,and the PGMs are holding up better too, which suggests their industrial attributes are attracting buying.
Source: The Bullion Desk