Los Angeles CA, October 18 (Tangible Investments) — by James O’Dell — Precious metals prices edged lower on Wednesday as Gold corrects on Fed policy hawk concerns. Gold is down 0.32 percent to $1,280.70 an ounce after tumbling $9.70 on Tuesday to close at $1,284.80 an ounce.

Silver is down 0.18 percent to $16.97 an ounce after easing $0.21 on Tuesday to close at $17.00 an ounce. The Gold/Silver ratio rose to 75.58 as Gold outperformed Silver. Platinum is down 0.96 percent to $924.00 an ounce. Palladium is down 0.31 percent to $967.00 an ounce.

Gold eased in early trading Wednesday amid ongoing speculation that the next Fed chair might possibly be a policy hawk.

“The dollar has been teeing off all week on continued Fed speculation about who is going to lead it going into next year, coupled with the news we had yesterday of a bipartisan compromise on an interim health-care fix that could lead to further cooperation between the two parties on other dollar-bullish issues like tax reform,” says Edward Meir, commodities consultant with INTL FCStone.

The bipartisan effort to repair health-care may have stalled after Republicans failed to endorse the proposal or opposed it altogether. The compromise offered by Sens. Lamar Alexander (R-Tenn.) and Patty Murray (D-Wash.) would have sustained the program for two years.

Catalonia Crisis Unfolding

Meanwhile, Catalonia refused to bow to pressure from the Spanish government and refute the results of its referendum for independence. Catalonia feels that it had “earned the right” to be independent after 90 percent of voters chose to break away from Spain.

“With dollar strength in mind, it would present further risks to Gold, but I’m waiting to see how the Catalonia crisis unfolds tomorrow, pinpointing a possible next move for Gold, in either direction,” said Jameel Ahmad, vice president of market  research at FXTM.

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