Los Angeles CA, August 4 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Friday as Gold turns sharply lower following key Jobs Report. Gold is down 0.88 percent to $1,256.80 an ounce after gaining $1.70 on Thursday to close at $1,267.90 an ounce.

Silver is down 2.31 percent to $16.44 an ounce after gaining $0.09 on Thursday to close at $16.65 an ounce. The Gold/Silver ratio fell to 76.15 as Silver outperformed Gold. Platinum is up 0.31 percent to $965.00 an ounce. Palladium is down 0.23 percent to $870.00 an ounce.

Gold dipped in early trading Friday after the Bureau of Labor Statistics reported that 209k jobs were created in July. Economists were expecting just 182k new jobs to be created so the stronger-than-expected jobs report may give the Fed ideas about raising rates. “Over the past 3 months, job gains have averaged 195,000 per month,” the report said.

The U.S. jobless rate also ticked down a notch as expected to 4.3 percent, but wage gains continue to lag. Average hourly wages increased by just nine cents or 0.3 percent.

“The odds are very low that we are going to see another rate hike this year and this has stimulated the rally for the Gold price,” said Naeem Aslam, chief market analyst with Think Markets. “We are up nearly 10.6 percent so far [in 2017] and this is despite the fact that we have seen a few interest rate hikes this year.”

Dow Breaks 22,000

The Dow broke 22,000 and is moving higher. Experts say, however, that it’s moving higher on the backs of a handful of tech stocks, which makes it vulnerable.

“Gold looks cheap compared to markets that have rallied a lot, including bitcoin and including Amazon,” said DoubleLine Capital CEO Jeffrey Gundlach.

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