Los Angeles CA, September 18 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Monday as Gold dips dollar stronger ahead of FOMC meeting. Gold is down 0.64 percent to $1,310.70 an ounce after sliding $9.80 on Friday to end the week at $1,319.20.

Silver is down 1.31 percent to $17.31 an ounce after easing $0.23 on Friday to finish the week at $17.54. The Gold/Silver ratio rose to 75.21. Platinum is down 0.72 percent to $961.00 an ounce. Palladium is up 0.77 percent to $922.00 an ounce.

Gold hit two-week lows in early trading Monday as the dollar rose ahead of the two-day Fed meeting starting Tuesday. The Federal Open Market Committee (FOMC) is not expected to raise rates but could announce a balance sheet reduction plan.

“Gold prices also came under some selling pressure, with investors dismissing geopolitical risks and instead focusing on the possibility of rate hikes from central banks,” said ANZ analyst Daniel Hynes, in a note.

According to CME Group’s FedWatch tool on Friday, traders saw a 53 percent chance of a rate hike in December.

“Gold could fall below $1,300 in the short term, but the question remains how people perceive the U.S. economy and the need for higher interest rates,” said Ole Hansen, head of commodity strategy at Saxo Bank. “At this stage there’s still not a strong view the U.S. economy will accelerate. That should keep interest rates at a manageable level and provide some support for Gold.”

Tensions Running High In South Korea

Meanwhile, tensions continue to escalate on the Korean Peninsula as the US military stages bombing drills together with South Korea.  U.S. Ambassador to the UN, Nikki Haley, said on Sunday the U.N. Security Council is out of options for containing North Korea’s nuclear program.

“We have pretty much exhausted all the things that we can do at the Security Council at this point,” said Haley on CNN’s “State of the Union.”

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