Los Angeles CA, August 7 (Tangible Investments) — by James O’Dell — Precious metals prices turned higher in early trading on Monday as Gold rebounds in wake of positive jobs report. Gold is up 0.04 percent to $1,258.90 an ounce after easing $9.50 on Friday to end the week at $1,258.40.

Silver is up 0.09 percent to $16.25 an ounce after tumbling $0.41 on Friday to finish the week at $16.24. The Gold/Silver ratio rose to 77.49 as Gold outperformed Silver. Platinum is up 0.31 percent to $966.00 an ounce. Palladium is up 0.35 percent to $868.00 an ounce.

Gold edged higher in early trading Monday after the better-than-expected jobs-report on Friday that saw 209k jobs created in July. “The job data was very good; Gold is pressured,” said Richard Xu, fund manager at HuaAn Gold.

“Investors were quick to liquidate some long positions with market pricing of another rate hike by the Fed rising slightly as a consequence,” said ANZ Research in a note. “However, the losses were limited, suggesting investors are not completely convinced.”

Analyst Tom Kendall of ICBC Standard Bank says that the debt ceiling debate is nearing and Gold could benefit. According to Kendall, if U.S. lawmakers decide on a “clean” raising of the debt ceiling but fail to link it to spending or tax provisions, Gold could get a boost.

“If the Republicans push for an easy, light version of the debt ceiling legislation, it has implications for the U.S. deficit and that will feed back into another positive story for Gold,” said Kendall. “But whether that is sufficiently positive to get it up through $1,300, I’m not sure. I suspect we’ll need something else as well alongside it.”

North Korea Sanctioned By UN

Meanwhile, UN Security Council imposed tough new sanctions on North Korea Saturday slashing its export revenue by $3 billion annually. North Korea has been sanctioned by the UN since 2006 over its ballistic missile and nuclear programs.

The latest sanctions came after North Korea had engaged in five nuclear weapons tests and four long-range missile launches. The increased rhetoric coming from North Korea continues to underpin Gold.

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