Los Angeles CA, October 20 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Friday as Gold dips after Senate passes budget blueprint. Gold is down 0.62 percent to $1,281.70 an ounce after gaining $9.20 on Thursday to close at $1,289.70 an ounce.

Silver is down 0.38 percent to $17.16 an ounce after adding $0.26 on Thursday to close at $17.23 an ounce. The Gold/Silver ratio fell to 74.85. Platinum is down 0.22 percent to $920.00 an ounce. Palladium is up 1.48 percent to $963.00 an ounce.

Gold dipped in early trading Friday after the Senate approved a budget outline, paving the way for major tax cuts. The dollar rose on the news as investors responded by buying riskier assets like stocks. T

he Senate passed the measure on a 51-to-49 all Republican vote late Thursday clearing a path for President Trump’s tax plan. The measure includes instructions allowing the plan to avoid a Democratic filibuster.

The resolution proposes $473 billion in cuts to Medicare’s baseline spending over a decade and about $1 trillion from Medicaid.

“There is a suspicion that the culprit behind Gold’s sell-off may be renewed optimism over Donald Trump’s tax reforms. With the U.S. Senate voting for new budget measures on Thursday, the possibility that proposed tax reforms will be passed has increased. This will likely boost the dollar, consequently pressuring Gold,” says Lukman Otunuga, research analyst at FXTM.

“Senate passage of the budget was a step required for budget reconciliation to advance tax reform.” said Shinichiro Kadota, of Barclays Securities Japan Ltd. in Tokyo.

Markets Still On Edge Over Next Fed Chief

Meanwhile, markets are still on edge over who will be the next Fed chief. Will President Trump retain Janet Yellen in that position? We’ll find out soon. “Two favorites in particular appear to be the frontrunners — John Taylor and Jerome Powell,” says Commerzbank.

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