Los Angeles CA, October 25 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Wednesday as Gold edges higher on bargain hunters. Gold is up 0.16 percent to $1,278.40 an ounce after easing $5.70 on Tuesday to close at $1,276.30 an ounce.

Silver is up 0.15 percent to $16.93 an ounce after sliding $0.15 on Tuesday to close at $16.91 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 75.48. Platinum is down 0.33 percent to $918.00 an ounce. Palladium is up 0.31 percent to $958.00 an ounce.

Gold hit 2-1/2 week lows in early trading on Wednesday after reports that Republican senators favored John Taylor to succeed Janet Yellen as Fed Chair. The yellow metal has since edged higher on bargain hunting and short covering.

Although Gold slipped below its 100-day moving average, currently around $1,275, one analyst sees underlying strength remaining in the marketplace.

“I am surprised that Gold is not lower. In the current environment Gold prices are holding up well,” said Ole Hansen, head of commodity strategy at Saxo Bank. “We really aren’t any closer to tax cuts but the market is gearing up for that. We could [see] some disappointment if it doesn’t happen and that would be good for Gold,” said Hansen.

Melbourne-based bank, ANZ, says that Gold will end the year above $1,300 an ounce despite another rate hike by the Fed. “The potential of a rate hike in the U.S. will be a decent headwind for the Gold market. But, outside of that, we continue to see fairly buoyant safe-haven buying and certainly geopolitical risks have increased in recent times,” said Daniel Hynes, ANZ senior commodity strategist, on Tuesday.

Geopolitical Tensions Supporting Gold

Meanwhile, the super-carrier USS Theodore Roosevelt together with its supporting warships have entered the western Pacific in preparation for President Trump’s Asia trip next month. It hasn’t yet been determined whether Trump will visit the de-militarized zone (DMZ) during his visit to the region.

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