Los Angeles CA, March 30 (Tangible Investments) – by James O’Dell – Gold and Silver prices were mixed in early trading on Thursday, with Gold down 0.30 percent to $1,249.60 an ounce after easing $2.10 or 0.17 percent on Wednesday to close at $1,253.40 an ounce.

Silver is up 0.11 percent to $18.23 an ounce after gaining $0.04 or 0.22 percent on Wednesday to close at $18.21 an ounce, while the Gold/Silver ratio inched lower to 68.83. Platinum is up 0.21 percent to $954.00 an ounce and Palladium is up 1.52 percent to $802.00.

Gold Consolidates

Gold dipped in early trading on Thursday as the precious metal continued its consolidation. The dollar hit a nine-day high against a basket of major currencies. Political uncertainty in the U.S. together with renewed Brexit concerns and upcoming French elections continues to underpin the yellow metal.

“Prices are not likely to witness a big drop particularly because of the Brexit and French elections as they (are offering) very good support for Gold at this time,” said Brian Lan, of GoldSilver Central in Singapore.

Britain’s exit from the European Union became official on Wednesday. PM Theresa May declared there was no turning back.

“The market seemed to take the notification of the Article 50 in the UK relatively smoothly, but I suspect the worst is yet to come on that. We’ll see how negotiations develop and the market is taking the wait and see approach at the moment,” said ANZ analyst Daniel Hynes. “But certainly, there was a tiny bit of safe-haven buying.”

Revised GDP Up Slightly

Meanwhile, Initial jobless claims fell 3k to 258k last week, but finished above expectations of 247k. Fourth quarter gross domestic product (GDP) was revised up from 1.9 percent to 2.1 percent. That was up slightly from the 2.0 percent that economists were expecting, but well below third quarter’s 3.5 percent. Prospects for first quarter growth remain near 1.0 percent according to the Atlanta Fed.

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