Los Angeles CA, October 4 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Wednesday while dollar slides Gold gains on Fed Chief Successor. Gold is up 0.21 percent to $1,273.80 an ounce after easing $0.60 on Tuesday to close at $1,271.10 an ounce.

Silver is up 0.06 percent to $16.63 an ounce after adding $0.06 on Tuesday to close at $16.62. The Gold/Silver ratio fell to 76.48. Platinum is up 0.22 percent to $912.00 an ounce. Palladium is trading flat at $910.00 an ounce.

Gold extended gains in early trading Wednesday after dollar slipped on talk of dovish successor to Fed Chair Janet Yellen.

Politico reports that Fed Governor Jerome Powell was favored by Treasury Secretary Steven Mnuchin over former governor Kevin Warsh. With Janet Yellen’s term as Fed Chair expiring in February, Powell is seen as a more dovish choice than Warsh.

Meanwhile, global Gold holdings by exchange-traded funds (ETFs) increased by 22.4 tons in September according to the World Gold Council. The growing inflows of Gold into ETFs will limit the downside in the yellow metal.

Gold is back above its 100-day moving average on bargain hunting and short covering. Commerzbank says the metal could draw safe-haven support from political uncertainties following the independence vote in Catalonia.

Macroeconomics Favorable For Gold

Metals Focus says the global macroeconomic environment will likely remain favorable for Gold this year and well into 2018. “Of course, the prospect of one further (U.S.) rate hike in December this year, two to three more in 2018 and the start of balance sheet normalization by the Fed poses headwinds for the metal,” says Neil Meader, manager at the consultancy.

Still, he adds, “the speed at which monetary authorities move towards ‘normal’ monetary policies will continue to be slow and probably no faster than markets are currently pricing in.”

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