Gold was trading in positive territory in yesterday’s session, which was a continuation of the rally from the previous session.
There are many factors that may cause the Gold’s rally; one big factor is the uncertainty that lies ahead with the turn over the new presidential administration. Another factor is the Brexit which weakened the trend in yuan. The rising price of Bitcoin which is very popular to Chinese investors who are looking to reduce to their currency is another great factor for the Gold’s rally.
William Adams stated that ” The rising dollar and the environment of higher interest rates were always going to be headwinds, but not insurmountable ones, if investors were looking for safety” this was taken from the bulliondesk.com
Recorded today, the minutes of the meeting of the U.S. Federal Reserve that was held on December 14 will be posted and published this evening. The feds increased interest rates at this meeting, and disclosed that there will be a prospect of three more Rate hikes this year, 2017.
The Spot gold was seen trading in yesterday’s session in different levels. It was recently quoted at $1,164.85/1,165.15 per troy ounce, which went up by $8.05 compares to its close in the previous sessions. Gold trade ranged from $1,156.25 to $1,167.70 so far early this year.
In other precious metals news, Spot silver was last seen being traded at $16.38/16.40 per oz. which appreciated by 12 cent. Platinum was also up by $19 and was last seen being traded at $946 and palladium was trading at $728/733 was $24 higher.
Since there is an increase of investments in Car manufacturing companies, this may be the reason why there is a significant increase of investments in Palladium.