Los Angeles CA, August 2 (Tangible Investments) — by James O’Dell — Precious metals prices turned higher in early trading on Wednesday as disappointing economic data underpins Gold. Gold is up 0.17 percent to $1,270.40 an ounce after easing $0.60 on Tuesday to close at $1,268.20 an ounce.

Silver is up 0.03 percent to $16.69 an ounce after slipping $0.13 on Tuesday to close at $16.68 an ounce. The Gold/Silver ratio rose to 76.03 as Gold outperformed Silver. Platinum is up 0.53 percent to $948.00 an ounce. Palladium is up 0.23 percent to $886.00 an ounce.

Gold turned higher in early trading Wednesday after private-payrolls processor ADP reported that just 178,000 jobs were created in July. Consensus forecasts were calling for the creation of 187,000 jobs, it was the second miss in as many months.

Due to softening inflation, Gold remains supported by dampened expectations of further interest-rate hikes later this year and early 2018. According to CME’s FedWatch tool, the chance of another rate increase this year has dropped to 47 percent.

Policymaker Opposed To Further Rate Hikes

Meanwhile, St. Louis Fed President James Bullard said on Tuesday that he is opposed to further central bank rate hikes. Bullard warned that further rate hikes could keep domestic inflation from reaching the Fed’s two-percent goal.

“Given the inflation outlook, which has deteriorated in 2017, I would not support further moves in the near term,” said Bullard. “It’s possible data will turn around, but we’ll have to see. I think for now we should remain on pause.”

Friday’s jobs report could play a big part in establishing the Fed’s timetable to initiate its next interest rate hike. “We’ll also hear from two Fed officials today—John Williams and Loretta Mester— both of whom are not voters on the Federal Open Market Committee this year, but will be in 2018,” said Craig Erlam, senior analyst at Oanda.

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