Los Angeles CA, August 8 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading Tuesday as Gold dips after JOLTS Report boosts dollar. Gold is down 0.34 percent to $1,253.00 an ounce after easing $1.10 on Monday to close at $1,257.30 an ounce.

Silver is up 0.49 percent to $16.34 an ounce after adding $0.01 on Monday to close at $16.25 an ounce. The Gold/Silver ratio fell to 77.37 as Silver outperformed Gold. Platinum is up 0.62 percent to $972.00 an ounce. Palladium is up 0.80 percent to $883.00 an ounce.

Gold dipped in early trading Tuesday after the dollar strengthened following a better-than-expected JOLTS Report. Focus will now shift to U.S. inflation figures due out Friday for clues on the future of Fed monetary policy.

“As long as we hold above $1,255, Gold will maintain its bullish bias until Friday’s data is released,” said analyst Fawad Razaqzada of FOREX.com. “If we see U.S. inflation rising more than expected it will be negative for the dollar and Gold could benefit,” said Razaqzada.

“There aren’t many players in the market, nor is there much incentive (for prices) to move right now, so I think it’s going to be very quiet for the rest of the month,” said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank. “I expect prices to creep higher (in the short term) as the dollar is still weak and that is the prevailing trend.”

Job Openings Jumped 8 Percent

Meanwhile, the dollar gained strength mid-day, pressuring Gold after the release of JOLTS, the Job Openings and Labor Turnover survey. The Labor Department said Tuesday that job openings jumped 8 percent to 6.2 million in June, the highest in 17-years.

The job openings data “was much stronger than expected,” said Minh Trang, senior currency trader at Silicon Valley Bank. “This reinforces the strong non-farm (payrolls) data from last Friday, and turned the dollar higher significantly,” said Minh Trang.

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