Los Angeles CA, November 1 (Tangible Investments) by James O’ Dell Precious metals prices rallied on Wednesday as Gold Silver advance on Fed Chief speculation. Gold is up 0.51 percent to $1,276.90 an ounce after sliding $5.60 on Tuesday to close at $1,270.40 an ounce.

Silver is up 2.49 percent to $17.10 an ounce after easing $0.14 on Tuesday to close at $16.69 an ounce. The Gold/Silver ratio rose to 76.12. Platinum is up 1.74 percent to $933.00 an ounce. Palladium is up 1.85 percent to $993.00 an ounce.

Gold turned higher in early trading Wednesday on bargain hunting and short covering as investors speculate on next Fed Chief. In the meantime, analysts are looking for the trigger that boosted Gold overnight.

Possibly the increase is due to position squaring in the run-up to this evening’s Fed [meeting] decision and the announcement by U.S. President Trump expected tomorrow of who will be the new Fed chairperson, said Commerzbank.

Market participants who had bet on a falling Gold price in anticipation of economics professor John Taylor’s nomination are now covering their positions accordingly and thus driving up the price, added Commerzbank.

“Coming closer to the end of the year and having two FOMC meetings in a month and half, which could determine the direction of monetary policy, is what has been keeping Gold range-bound,” said Capital Economics’ Simona Gambarini.

Will Non-Farm Payrolls Rebound?

Meanwhile, even though today’s ADP report came in better-than-expected, economists and the Fed depend more on Friday’s non-farm payrolls numbers.

Given that the official non-farm payroll tally fell by 33,000 in September, we should perhaps expect a 378,000 (345,000 + 33,000) rebound in non-farm payrolls in October, which is a little higher than our 350,000 estimate and the 312,000 consensus forecast, said Paul Ashworth of Capital Economics.

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