Los Angeles CA, April 6 (Tangible Investments) – by James O’Dell – Gold and Silver prices extended losses in early trading on Thursday, with Gold down 0.29 percent to $1,251.70 an ounce as Gold dipped slightly after easing $0.30 or 0.03 percent on Wednesday to close at $1,255.40 an ounce.

The price of Silver is down 0.57 percent to $18.17 an ounce after slipping $0.22 or 1.20 percent on Wednesday to close at $18.06 an ounce. The Gold/Silver ratio rose to 69.51. Platinum is down 0.73 percent to $952.00 an ounce. Palladium is down 0.62 percent to $801.00.

Trump-Xi Meeting

Gold dipped slightly in early trading on Thursday as the dollar strengthened ahead of a key meeting between President Trump and Chinese President Xi Jinping. “The slight uptick in the dollar and some profit taking after the move late yesterday is probably bringing in that bit of weakness,” said Mitsubishi’s Jonathan Butler.

“[Potential] combative rhetoric from Washington, D.C., has markets worried about a potential rift in the trading relationship between the world’s largest economies that might upset global supply chains and the international commercial order as a whole,” said Ilya Spivak, of the Daily FX.

Gold To Move Higher

Meanwhile, Jeffrey Nichols of American Precious Metals Advisors is looking for Gold to move higher in the not-too-distant future. “We think the news — both economic and political — is likely to favor the long side of the market with Gold more likely than not to ratchet up into a somewhat higher trading range in the next week or two,” said Nichols.

“Interestingly, the bulk of trading has lately been amongst a small number of hedge funds and institutional speculators.  At the same time, retail interest remains fairly positive with good demand for bullion coins and small bars. Also, it looks like Chinese and Indian buyers are using the recent lackluster market as an opportunity to add to their long-term holdings.”

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