Los Angeles CA, July 25 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Tuesday as Gold remains steady ahead of FOMC meeting. Gold is down 0.33 percent to $1,250.90 an ounce after easing $0.50 on Monday to close at $1,254.50 an ounce.

Silver is up 0.06 percent to $16.48 an ounce after slipping $0.04 on Monday to close at $16.47 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 76.20. Platinum is down 0.32 percent to $926.00 an ounce. Palladium is up 1.53 percent to $860.00 an ounce.

Gold is steady in early trading Tuesday ahead of the two-day Federal Open Market Committee (FOMC) meeting starting later today. Some mild profit taking has developed in Gold even as the dollar hovers near 13-month lows.

The market is not expecting another rate hike this week but it will be looking for clues about future moves. “The market is looking for clarity on the Fed’s tightening cycle and when they are going to start with the tapering (of monetary stimulus),” said analyst Martin Arnold, of ETF Securities.

In the meantime, a few upbeat economic reports are weighing on the yellow metal. U.S. consumer confidence rose to 121.1 in July, beating expectations of 116.8. The Richmond Fed business survey rose to 14 well above expectations of 7.

US Navy Fires Warning Shot At Iranian Vessel

Meanwhile, safe-haven Gold could get a late bid after the USS Thunderbolt fired warning shots at an Iranian vessel. The incident occurred earlier today near the Arabian Gulf when the vessel ignored radio communications and came within 150 yards of the Navy ship at high speed.

“We had to act for the safety of the crew,” said the defense official on the condition of anonymity. “It is out of the norm for them to come in that close at that rate of speed.”

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