Los Angeles CA, May 2 (Tangible Investments) – by James O’Dell – Gold and Silver prices edge modestly lower in early trading on Tuesday as Gold dips amid returning risk appetite. The yellow metal is down 0.08 percent to $1,255.10 an ounce after sliding $11.70 an ounce on Monday to close at $1,256.10.

Silver is down 0.18 percent to $16.80 an ounce after tumbling $0.33 on Monday to close at $16.84. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 74.59. Platinum is down 0.65 percent to $923.00 an ounce. Palladium is trading flat at $815.00 an ounce.

Risk Appetite Is Back

Gold hit a three-week low in early trading on Tuesday as the dollar strengthened and equities reached new highs. “Risk appetite is back,” said Societe Generale analyst Robin Bhar.

“Rising stock markets point to increased risk appetite, which reduces demand for Gold as a safe haven,” said Commerzbank. In the meantime, investors are focused on the outcome of the two-day Federal Open Market Committee (FOMC) meeting which starts later today.

“If the Fed signals further rate increases and shrinking of the balance sheet tomorrow and then we get a good jobs number on Friday we should certainly end the week below $1,250, and maybe closer to $1,240,” said Bhar. TD Securities says that Gold could ease ahead of the FOMC meeting, but a rout is unlikely.

China Importing Large Amounts Of Gold

Macquarie Capital Markets Canada analyst Michael Gray remains positive on Gold. “Trading data for March showed China continues to import large amounts of Gold, 1Q2017 saw continued strong net central bank Gold demand as heavy Russian buying and a lack of other selling more than compensated for China’s absence,” wrote Gray in a report published today. The 200-day moving average for physical Gold currently stands around $1,251.60 an ounce.

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