Los Angeles CA, June 20 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Tuesday as Fedspeak continues to weigh on Gold. Gold is down 0.10 percent to $1,242.30 an ounce after tumbling $9.80 on Monday to close at $1,243.60 an ounce.

Silver is down 0.42 percent to $16.41 an ounce after easing $0.21 on Monday to close at $16.48 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 75.46. Platinum is down 0.43 percent to $920.00 an ounce. Palladium is up 0.70 percent to $862.00 an ounce.

Gold hovered above recent lows in early trading Tuesday after hitting five-week lows the previous day as the dollar rallied. The dollar reached 3-week highs following hawkish comments made on Monday by New York Fed President William Dudley.

Dudley’s message was that the tightening labor market should help drive up inflation. But with unemployment already at a record 4.3 percent how much tightening is left?

“The market attributes considerable weight to Dudley’s words, as he represents the majority opinion of the Federal Open Markets Committee. Other Fed members who are generally regarded to be hawkish will be speaking today, which could put renewed pressure on the Gold price,” said Commerzbank in a note.

Evans Says Wait Until Year-End

Chicago Fed President Charles Evans said late Monday that the central bank should wait until year-end before another rate hike. The FOMC hiked interest rates by 25 basis points last week for the second time this year. Comments made by Fed Chair Janet Yellen following the rate hike were more hawkish than the market was expecting.

“Another busy day on the Fedspeak front may continue to weigh on prices if policy-makers’ tone mirrors the confident posture on display in last week’s policy announcement,” said Ilya Spivak, currencies and metals analyst with FX Daily.

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