Los Angeles CA, November 15 (Tangible Investments) by James O’ Dell Precious metals prices were mixed on Wednesday as Gold dips sharply after Inflation uptick. Gold is down 0.23 percent to $1,276.80 an ounce after gaining $4.90 on Tuesday to close at $1,279.80 an ounce.

Silver is down 0.24 percent to $16.96 an ounce after rising $0.15 on Tuesday to close at $17.01 an ounce. The Gold/Silver ratio rose to 75.24. Platinum is up 1.19 percent to $935.00 an ounce. Palladium is down 0.61 percent to $975.00 an ounce.

Gold rose for a third straight day in early trading on Wednesday but turned lower mid-day on profit taking. This was following October CPI results. While Headline CPI fell from a 2.1-percent annual rate in September to 2.0-percent last month, core CPI rose to 1.8-percent versus 1.7 in September. It was the first uptick in inflation since January.

The outlook for the new tax plan is now uncertain after Senate Republicans included the repeal of the Obamacare mandate. With caution in the air as uncertainty lingers over the outlook for U.S tax reforms, investors may turn to safe-haven assets, which in turn should offer some support to Gold, says Lukman Otunuga, research analyst at FXTM.

From a technical standpoint, prices have broken above the $1,280 resistance level. If bulls can maintain control above this level, then the next levels of interest will be at $1,289 and $1,300. Alternatively, a failure for bulls to secure control above $1,280 may trigger a decline back towards $1,267.

Demand For Silver Climbs

Meanwhile, Metals Focus says demand for Silver in automobiles is growing faster than vehicle production. The consultancy also estimates that demand for Silver PV, which is used for solar power could reach 90 million ounces this year.

This trend has offset a concerted effort to thrift the amount of Silver used in silver pastes. This is a trend which accelerated after Silver prices rocketed in 2011, says Metals Focus.

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