Los Angeles CA, July 13 (Tangible Investments) — by James O’Dell — Precious metals prices turned lower in early trading on Thursday even as Fed signals more dovish policy stance. Gold is down 0.16 percent to $1,218.00 an ounce after gaining $2.80 on Wednesday to close at $1,220.00 an ounce.

Silver is down 0.88 percent to $15.76 an ounce after adding $0.07 on Wednesday to close at $15.90 an ounce. The Gold/Silver ratio fell to 76.73. Platinum is down 0.98 percent to $906.00 an ounce. Palladium is down 0.47 percent to $854.00 an ounce.

Gold dipped in early trading Thursday even after Fed Chief Janet Yellen signaled gradual tightening of monetary policy to come. Yellen’s more dovish stance was revealed while delivering testimony on the nation’s current monetary policy to Congress on Wednesday.

Yellen’s testimony curbed speculation that the Fed would boost interest rates more than once this year. “Gold’s fate in the short term will undoubtedly be decided on Friday now by the U.S. CPI data which is indeed shaping up to be a major driver for the big Dollar, equities and bonds as well,” said Jeffrey Halley, of OANDA.

“We feel that the (recent) sell-off in Gold, and especially Silver, was overdone and bargain hunters are now pushing prices back up a bit,” said Gregor Gregersen, of Silver Bullion Pte Ltd.

Silver Is Particularly Good Bargain

Meanwhile, holdings of Silver by global exchange-traded funds (ETFs) have climbed nearly 300 tons in July. The inflow has increased during the last few days of trading, says Commerzbank.

“This has at least helped the Silver-price to recover somewhat again from the 15-month low it hit at the start of the week,” say analysts.

“Interestingly, the Gold/Silver ratio is approaching-80, meaning that Silver is very inexpensive compared to Gold and is a particularly-good-bargain,” noted Gregersen.

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