Los Angeles CA, June 8 (Tangible Investments) — by James O’Dell — Gold and Silver prices turned sharply lower in early trading on Thursday as investors remain cautious ahead of Comey Testimony. Gold is down 0.93 percent to $1,274.80 an ounce after easing $6.80 on Wednesday to close at $1,286.80.

Silver is down 1.14 percent to $17.36 an ounce after sliding $0.12 on Wednesday to close at $17.56 an ounce. The Gold/Silver ratio rose to 73.28. Platinum is down 0.74 percent to $936.00 an ounce. Palladium is up 1.82 percent to $841.00 an ounce.

The yellow metal dipped sharply in early trading on Thursday after written testimony from ex-FBI Chief James Comey distributed to lawmakers on Wednesday contained no real bombshells.

Also weighing on Gold today are general elections in Britain where Prime Minister Theresa May hopes to strengthen conservative’s power. The conservative party is reportedly in a close election with the opposition Labor Party for seats in Parliament.

Pullback To Be Expected

In the U.S., the pullback in Gold is to be expected after the recent run-up. “We are well and truly stuck in a wait-and-see mode, says Saxo Bank’s Ole Hansen. “That’s following a buying spree over the past week, so it’s quite natural that we see markets taper off some of the recent gains.”

The strength in Gold since mid-May is justified by the current macroeconomic forces, says UBS. “In particular, lower rates, weaker dollar and broader uncertainty provide good foundation for the market to continue its journey higher,” said the bank.

Meanwhile, the Russian hacking investigation has begun with Comey explaining why he took notes of his conversations with President Trump. Director Comey said it was because “I was honestly concerned that he might lie.”

He went on to say, I take President Trump “at his word,” he fired me “because of the Russian Investigation.” Gold has begun to rise off its lows now that testimony has started.

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