Los Angeles CA, October 3 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Tuesday as bargain hunters buying the dip lift Gold. Gold is up 0.18 percent to $1,272.80 an ounce after easing $8.90 on Monday to close at $1,270.50 an ounce.

Silver is up 0.36 percent to $16.62 an ounce after easing $0.07 on Monday to close at $16.56. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 76.72. Platinum is trading flat at $911.00 an ounce. Palladium is up 0.78 percent to $909.00 an ounce.

Gold edged higher in early trading on Tuesday as Chinese markets remain shuttered for a week-long national holiday. Bargain hunting and short covering are the order of the day after Gold hit support at $1,267 the lowest since mid- August. The technical outlook shows Gold’s minor support level is at $1,267, followed by $1,250.

“With prices securing a solid monthly close below the $1,300 psychological level, and extended losses towards $1267, bears are in the vicinity,” said Lukman Otunuga, research analyst at FXTM.

In the meantime, the precious metal has retreated more than six-percent from the one-year high of $1,357.54 set in September.

“The factors that pushed Gold toward $1,360 in early September are now reversing,” said Julius Baer analyst Carsten Menke.”The U.S. dollar and yields have rebounded from their recent lows and it looks like positioning in the gold futures market is somewhat reversing, with some long covering and new shorts.”

North Korea Moving Missiles

Meanwhile, an update of recent actions in North Korea report that missiles were recently spotted moved from a Pyongyang rocket facility. Missiles were detected being transported away from North Korea’s Missile Research and Development Facility according to an unnamed intelligence source.

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