Los Angeles CA, July 27 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Thursday after dovish FOMC statement boosts Gold. Gold is down 0.18 percent to $1,257.60 an ounce after surging $10.50 on Wednesday to close at $1,260.10 an ounce.

Silver is down 0.18 percent to $16.61 an ounce after gaining $0.17 on Wednesday to close at $16.64 an ounce. The Gold/Silver ratio fell to 75.73. Platinum is down 0.43 percent to $925.00 an ounce. Palladium is up 0.61 percent to $871.00 an ounce.

Gold hit 6-week highs in early trading Thursday but as the dollar strengthened profit-taking kicked in moving Gold lower. The precious metal rebounded back above both its 50 and 100-day moving averages before slipping below them again.

“The yellow precious metal surged by roughly $15 yesterday in the wake of the Fed meeting. Yet the Fed had only made small changes to its statement – and changes that had also been expected – such as the planned reduction of its balance sheet. Nonetheless, this was enough for the U.S. dollar to continue falling sharply,” said Carsten Fritsch, commodities analyst at Commerzbank, in a note.

Policymakers Left Rates Unchanged

As expected policymakers left interest rates and monetary policy unchanged but added that it would begin “relatively soon,” unwinding its 4.5 trillion balance sheet.

“Investors have gradually priced in the whole event and considering that the Fed sees the near-term risk of the economy is neutral, I don’t think the market will expect a third rate hike in the foreseeable future or at least in this quarter,” said Mark To, of the Wing Fung Financial Group. “So, Gold investors have reason to be bullish just a little bit.”

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