Los Angeles CA, June 19 (Tangible Investments) — by James O’Dell — Precious metals prices edged lower in early trading on Monday as Brexit Talks Finally Begin Underpin Gold. The yellow metal is down 0.42 percent to $1,248.10 after easing $0.30 on Friday to end the week at $1,253.40.

Silver is down 0.84 percent to $16.55 an ounce after sliding $0.04 on Friday to finish the week at $16.69. The Gold/Silver ratio rose to 75.10. Platinum is down 1.08 percent to $919.00 an ounce. Palladium is down 0.58 percent to $859.00 an ounce.

Gold hit four-week lows in early trading on Monday, as negotiations begin in Brussels over terms of Britain’s exit from the European Union (EU), after nearly a year following the referendum.

“Today sees the official start of Brexit negotiations in Brussels. The positions of the EU and the U.K. are still far apart. The presumably tough negotiations should contribute to solid demand for Gold,” said Commerzbank commodities analyst, Carsten Fritsch, in a note.

In the meantime, the recent sell-off in the dollar is stabilizing, and it is weighing on the metals. “The dollar is a large part of what’s going on with Gold,” said ING commodities strategist Warren Patterson. “I do see some support from uncertainty about the UK government and the start of Brexit negotiations.”

Macroeconomic Outlook Supports Gold Price

Meanwhile, the macroeconomic outlook remains supportive for Gold prices in the short- to medium-term, says Mitsubishi. It suggests the metal “has perhaps taken more of a battering than may be justified” since the latest interest-rate hike.

“Overall, despite the Fed ratcheting up the hawkish tone…we believe that macroeconomic conditions will remain quite favorable to Gold over the short to medium term.” The firm added that geopolitical factors still favor Gold as a hedge, particularly in negotiating an exit from the EU.

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