Los Angeles CA, October 2 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Monday with Gold pressured by stronger dollar tax reform. Gold is down 0.34 percent to $1,275.00 an ounce after easing $7.30 on Friday to end the week at $1,279.40 an ounce.

Silver is up 0.12 percent to $16.65 an ounce after sliding $0.21 on Friday to finish the week at $16.63. The Gold/Silver ratio rose to 76.93. Platinum is up 0.22 percent to $912.00 an ounce. Palladium is up 0.22 percent to $926.00 an ounce.

Gold hits 7-week lows in early trading on Monday as U.S. bond yields and the Catalonia secession referendum lift dollar. Expectations that the Fed will hike interest rates one more time this year, and talk of Fed Chair Janet Yellen’s possible successor helped raise Treasury yields.

“Growing expectations of a Fed inflation rate hike have aided lifting the dollar to its best performing week of 2017, curbing the 3 percent quarterly growth of Gold,” says commodities brokerage SP Angel.

“The recent selloff is mostly related to a stirring of the reflation trade following the announcement by the Trump administration of the long-awaited tax reform proposal,” said Mitsubishi analyst Jonathan Butler.

“The dollar has jumped to six-week highs, Treasury yields have surged to three-month highs as investors search out risk assets, and U.S. equities reached new record highs on Friday.”

Fed President Argues Against Rate Hike

Meanwhile, Fed policymaker, Minneapolis Fed President Kashkari, thinks the U.S. central bank should wait until inflation hits its 2-percent goal before hiking rates. Kashkari believes the Fed’s own actions and not transitory factors led to the current weak inflation.

“The FOMC’s policy to remove monetary accommodation over the past few years is likely an important factor driving inflation expectations lower,” wrote Kashkari.

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