Los Angeles CA, July 7 (Tangible Investments) — by James O’Dell — Precious metals prices turned sharply lower in early trading on Friday as Gold dips after stronger than expected jobs report. Gold is down 0.86 percent to $1,214.50 an ounce after easing $1.70 on Thursday to close at $1,225.00 an ounce.

Silver is down 1.97 percent to $15.71 an ounce after easing $0.04 on Thursday to close at $16.03 an ounce. The Gold/Silver ratio rose to 76.42. Platinum is down 0.77 percent to $902.00 an ounce. Palladium is down 1.20 percent to $822.00 an ounce.

Gold dipped in early trading Friday as the dollar strengthened after the government reported 222k jobs were created in June. The stronger-than-expected jobs report beat economists’ expectations of 179k new jobs but wage-growth showed little improvement.

After two rate hikes this year, Fed policymakers are using jobs data to determine whether further hikes are warranted. The minutes from the June Federal Reserve meeting released Wednesday failed to provide a clear picture on future rate hikes. In the meantime, policymakers remain divided on their inflation projections.

“Several participants expressed concern that progress toward the Committee’s 2 percent longer-run inflation objective might have slowed and that the recent softness in inflation might persist,” said the minutes.

“Both nominal and real rates have been ticking higher and that’s been putting Gold under pressure,” said UBS’ Joni Teves.”But we think Gold should be supported overall so we do see value around these levels.”

Silver Second Flash Crash In Week

Meanwhile, Silver is solidly lower after hitting a 15-month low of $14.86 an ounce in late trading on Thursday. Silver dropped $1.70 within minutes on volume of 8,500 contracts after another flash crash.

One analyst thought it may be a firm forced to liquidate holdings and may even point to a buying opportunity.

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