Los Angeles CA, July 20 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Thursday As Gold Rallies After ECB keeps monetary policy steady. Gold is up 0.40 percent to $1,246.00 an ounce after easing $1.00 on Wednesday to close at $1,241.00 an ounce.

Silver is up 0.52 percent to $16.34 an ounce after slipping $0.01 on Wednesday to close at $16.25 an ounce. The Gold/Silver ratio fell to 76.37. Platinum is up 0.44 percent to $923.00 an ounce. Palladium is down 1.87 percent to $840.00 an ounce.

Gold rallied in early trading on Thursday after the European Central Bank (ECB) decided to keep  monetary policy unchanged. “It has been currency swings and rate swings which have been driving Gold as of late,” said Julius Baer analyst Carsten Menke.

ECB President Mario Draghi had been making hawkish comments for weeks hinting at ending the central bank’s monthly bond-purchase program. Yields on German bonds soared 30 basis points since his comments began.

“U.S. bonds are rising not because of what the Fed is doing. U.S. long-term yields are also sensitive to what is happening abroad,” said Martin Murenbeeld, president of Murenbeeld & Co.

However, today the ECB decided that its main refinancing rate will remain at 0 percent, and the deposit rate will stay at -0.4 percent. The ECB will also continue to purchase $69 billion in debt each month throughout 2017 and possibly beyond.

Wait For Inflation To Catch Recovery

ECB President Mario Draghi said after the meeting that policymakers are waiting for inflation to catch up with the recovery. “We are finally experiencing a robust recovery where we only have to wait for wages and prices to follow course,” said Draghi. “We need to be persistent and patient and prudent, because we’re not there yet.”

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