Los Angeles CA, June 5 (Tangible Investments) — by James O’Dell — Precious metals prices were higher across the board in early trading on Monday as Gold firms after jobs report London terrorist attack. Gold is up 0.17 percent to $1,280.70 an ounce after rallying $13.10 on Friday to finish the week at $1,278.50.

Silver is up 0.20 percent to $17.56 an ounce after surging $0.25 on Friday to end the week at $17.53 an ounce. The Gold/Silver ratio fell to 72.93. Platinum is up 0.21 percent to $956.00 an ounce. Palladium is up 0.36 percent to $840.00 an ounce.

Gold hit six-week highs in early trading on Monday, buoyed by Friday’s non-farm payrolls miss and another London terror attack. The dollar is hovering just above last week’s seven-month lows as it edges up in early trading against the euro and yen.

“Gold has got a bit of a lift from payroll numbers from Friday which has carried through to today but there is also support from terrorist events,” says ETF Securities commodities strategist Nitesh Shah. “Gold tends to be the port of call when people are anxious and events like that make people anxious.”

Nikos Kavalis, director of Metals Focus Ltd., expects Gold prices to hit four-year highs above $1,400 an ounce this year. Kavalis said last week that he sees the potential for a catalyst in current global economic and political tail-risks, for the next leg-up in Gold.

Expect Less Aggression From Fed On Rate Hikes

Meanwhile, Bart Melek, of TD Securities Inc., says Gold could hit $1,300 with a $1,275 average in the fourth quarter. “The Fed is going to be very, very gentle in how it handles monetary policy hikes,” said Melek.

“As we move deeper into 2017, we are probably going to expect less and less aggressive actions, so chances are that the Fed will certainly hike in June, but after that, the certainty and then the rate that they’ve been talking about, may not actually materialize to the same extent. We’re fairly confident that Gold should do well.”

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