Los Angeles CA, August 14 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Monday as Gold dips on profit taking amid easing geopolitical tensions. Gold is down 0.42 percent to $1,283.30 an ounce after gaining $2.90 on Friday to end the week at $1,288.70.

Silver is down 0.18 percent to $17.07 an ounce after trading flat on Friday to finish the week at $17.10. The Gold/Silver ratio rose to 75.36 as Gold outperformed Silver. Platinum is down 1.12 percent to $972.00 an ounce. Palladium is up 0.34 percent to $887.00 an ounce.

Gold eased slightly in early trading on Monday as shorter term investors took profits following weaker-than-expected CPI numbers in July. The yellow metal has climbed seven percent from lows  in mid-July to close at $1,288.70 an ounce on Friday.  It was Gold’s highest close in two months.

The weak inflation numbers Friday suggest benign inflation may cause the Fed to forgo any further rate hikes this year. “As a result (of the weak inflation data), rate hike expectations according to the Fed Fund Futures have dropped to their lowest level since November, which should benefit Gold,” said Commerzbank.

Tensions Eased Between US And North Korea

Meanwhile, tensions between the United States and North Korea have calmed somewhat with both sides refraining from further inflammatory rhetoric.

“There was no further news of verbal saber-rattling between North Korea and the U.S. over the weekend, with the result that this geopolitical risk appears to be being priced out again somewhat,” said Commerzbank analysts led by Carsten Fritsch.

Secretary Mattis and Secretary Tillerson wrote a piece in The Wall Street Journal over the weekend seeking to ease tensions. Markets were relieved the two nations cooled the rhetoric, and hope it doesn’t resurface Tuesday at North Korea’s Liberation Day celebration.

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