Los Angeles CA, May 31 (Tangible Investments) — by James O’Dell — Gold and Silver prices were mixed in early trading on Wednesday as geopolitical turmoil continues to support Gold. The yellow metal is up 0.31 percent to $1,266.70 an ounce after easing $0.60 on Tuesday to close at $1,262.80.

Silver is down 0.40 percent to $17.31 an ounce after gaining $0.07 on Tuesday to close at $17.38 an ounce. The Gold/Silver ratio fell to 72.66. Platinum is up 0.32 percent to $940.00 an ounce. Palladium is up 0.75 percent to $810.00 an ounce.

Gold is higher in early trading Wednesday after a miss by pending home sales and ahead of Friday’s jobs report. National Association of Realtors (NAR) reported on Wednesday that pending home sales fell 1.3 percent in April.

Economists were expecting a 0.7 percent increase but the housing sector lost momentum faster than expected. Economists are expecting non-farm payrolls to show 182k new jobs were added and a jobless rate unchanged at 4.4 percent.

“Gold moved in a pretty tight range… Traders are waiting on the sidelines ahead of the U.S. employment and non-farm payroll data due on Friday,” said Luke Chua, of BullionStar Singapore.

Fed Could Delay Rate Hike

Fed governor Lael Brainard said on Tuesday that while a rate hike is likely coming soon, the Fed could decide to delay, should inflation continue to soften. According to the CME Group’s FedWatch Tool there is nearly an 89 percent probability of a rate hike in June.

Meanwhile a down-trending dollar and increasing political and geopolitical turmoil continue to support the precious metals. U.S. and European political tensions continue to support Gold while preventing major losses, said Yuichi Ikemizu of  ICBC Standard Bank.

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