Los Angeles CA, May 4 (Tangible Investments) – by James O’Dell – Precious metals prices slipped further in early trading on Thursday as Gold retreats after Macron wins French Debate. Gold is down 0.81 percent to $1,227.70 an ounce after tumbling $19.20 on Wednesday to close at $1,237.70.

Silver is down 0.76 percent to $16.33 an ounce after sliding $0.35 on Wednesday to close at $16.46. The Gold/Silver ratio rose to 75.19. Platinum is down 0.11 percent to $895.00 an ounce. Palladium is down 1.13 percent to $788.00 an ounce.

Gold hit six-week lows in early trading Thursday after hawkish FOMC meeting and a win by Macron in French debate. It appears that French presidential candidate centrist Emmanuel Macron will retain his frontrunner status against the far-rights’ Marine Le Pen.

Fed Keeps Rates Steady

The live presidential debate on Wednesday was the candidates’ last chance to mix it up before the final vote and they both made the best of it.

In the meantime, the Fed decided on Wednesday to leave its benchmark short-term fed-funds rate unchanged at 0.75 to 1 percent. The Fed deemed first quarter weakness temporary and plans to continue to hike rates at a gradual pace.

According to the CME FedWatch Tool, after the Fed statement on Wednesday, odds of a June rate hike jumped from 70 to 90 percent. “On the whole, the statement was slightly more hawkish than we expected. On balance, we still think that the Fed will hike again in June,” said Capital Economics’ Paul Ashworth.

Gold Is Global Market

Meanwhile, the latest report by the World Gold Council (WGC) says that there was a “robust and healthy appetite” for Gold this year. “Oftentimes investors in the U.S. say that ‘what matters for Gold is what the Fed and dollar are doing.’” said Juan Carlos Artigas, director of investment research at the WGC.

“But, in reality Gold is a global market. And European investors use Gold often as a way to manage risk and protect assets and obtain returns. And in the first quarter we saw just that — strong demand coming from Europe. It is not just about the U.S., it matters what happens in Europe, and it matters what happens in Asia,” he added.

It’s important to protect your hard earned wealth during these times of economic and geopolitical uncertainty. At Tangible Investments, it doesn’t matter whether you’re new to precious metals or a seasoned veteran, you will always be dealing with top industry experts.

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