Los Angeles CA, May 3 (Tangible Investments) – by James O’Dell – Precious metals prices saw sharp declines in early trading on Wednesday with investors sidelined ahead of FOMC outcome. Gold is down 0.73 percent to $1,247.60 an ounce after inching up $0.80 on Tuesday to close at $1,256.90.

Silver is down 1.84 percent to $16.51 an ounce after easing $0.03 on Tuesday to close at $16.81. The Gold/Silver ratio rose to 74.77. Platinum is down 2.27 percent to $903.00 an ounce. Palladium is down 1.84 percent to $802.00 an ounce.

FOMC Meeting Concludes

Gold continues to hover near recent lows at the conclusion of the Federal Open Market Committee’s (FOMC) two-day policy meeting. The Fed is expected to hold interest rates steady at today’s meeting but rates will likely increase in June. According to the CME FedWatch Tool there is a 70 percent chance the Fed will hike interest rates next month.

“The focus for Gold today is definitely on the Fed and markets are now speculating that next hike will take place at the June FOMC meeting,” said Peter Fertig of Quantitative Commodity Research. “We have the typical drivers for Gold: the U.S. interest rate … the U.S. dollar and also a decline of political uncertainty in Europe,” said Fertig.

French  Election Still Uncertain

In France, presidential candidates, centrist Emmanuel Macron and far-right candidate Marine Le Pen will meet today in their final debate.

“The yellow metal is finding it difficult to move away from $1,250 amid firming global equity markets,” said Sam Laughlin, of MKS PAMP Group. “Should we see any surprises from the Fed to push Gold below the 200-day moving average, expect the next target on the down-side to sit around $1,230 – $1,235, however, risks surrounding the upcoming French election should temper declines.”

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