Los Angeles CA, December 13 (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were mixed on Wednesday as Gold edges higher ahead of Fed policy statement. Gold is up 0.18 percent to $1,246.20 an ounce after gaining $2.70 on Tuesday to close at $1,244.00 an ounce.
Silver is up 0.32 percent to $15.75 an ounce after adding $0.02 on Tuesday to close at $15.70 an ounce. The Gold/Silver ratio rose to 79.24. Platinum is down 0.57 percent to $874.00 an ounce. Palladium is up 0.20 percent to $1,003.00 an ounce.
Gold rose in early trading Wednesday, ahead of the Fed policy statement and Fed Chair Janet Yellen’s final press conference.
â€œWe have a good short-covering rally ahead of todayâ€™s Fed notes, which could be less hawkish than expected,â€ says George Gero, managing director at RBC Wealth Management.
â€œWhile it is widely expected that the Federal Reserve will be raising U.S. interest rates, much focus is likely to be directed towards the tone of the meeting,â€ says Lukman Otunuga, research analyst at FXTM.
â€œA hawkish Fed meeting may expose the zero-yielding metal to further losses, with $1,230 acting as a level of interest. Alternatively, a statement which expresses concerns over low inflation and a failure to offer fresh insight into the policy outlook beyond 2017 may offer Gold a boost.â€
Buying Opportunity In Gold
The yellow metal staged a bit of a rally on bargain hunting and short covering as the dollar weakened. The dollar gave ground after Doug Jones, a Democrat, won the Alabama Senate seat vacated by AG Jeff Sessions.
The surprise win reduces the Republican majority in the Senate and could make enacting President Trump’s tax cuts more difficult. Meanwhile, analysts say that recent lower Gold prices may provide a significant buying opportunity.
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