Los Angeles CA, July 11 (Tangible Investments) — by James O’Dell — Precious metals prices eased in early trading on Tuesday. Gold is down 0.23 percent to $1,211.30 an ounce after gaining $1.90 on Monday to close at $1,214.10 an ounce.

Silver is down 0.32 percent to $15.59 an ounce after gaining $0.07 on Monday to close at $15.64 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 77.63. Platinum is down 0.78 percent to $892.00 an ounce. Palladium is down 0.48 percent to $832.00 an ounce.

Gold remained near four-month lows in early trading Tuesday in the wake of the favorable non-farm payrolls report last week. Analysts believe it bolsters the Fed’s hawkish tone and could pave the way for another rate hike this year.

“The recent drop in Gold to a large extent reflects the market pricing in additional tightening from central banks,” said Danske Bank analyst Jens Pederson. “But we are at the lower end of the range for Gold prices … It could be a buying opportunity if tensions with North Korea escalate.”

The dollar has firmed ahead of appearances by Fed Chair Janet Yellen before House and Senate Committees this week. TD Securities says that Gold may remain under pressure in anticipation that Yellen remains hawkish.

“The pullback in Gold has coincided with the rise in U.S. real yields to the year’s highs as well as the sharp increase in real yields in Europe to the highest levels in more than a year,” said UBS analysts in a note. “Gold should recover from this latest pullback as the move higher in real rates is unlikely to be sustained and we see longer-term value around these levels.”

Meanwhile, according to ETF Securities’ Nitesh Shah, inflation in the U.S. could benefit Gold. “We believe that inflation in the U.S. will remain elevated and will rise above 2 percent. And therefore the real interest rate in the U.S., despite interest rates increasing, will remain quite subdued,” said Shah on CNBC.

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