Los Angeles CA, June 15 (Tangible Investments) — by James O’Dell — Precious metals prices retreated in early trading on Thursday while investors view Gold pullback as buying opportunity. Gold is down 0.60 percent to $1,252.50 an ounce after easing $6.00 on Wednesday to close at $1,260.10 an ounce.

Silver is down 1.04 percent to $16.69 an ounce after gaining $0.05 on Wednesday to close at $16.86 an ounce. The Gold/Silver ratio fell to 74.74. Platinum is down 1.71 percent to $918.00 an ounce. Palladium is down 1.29 percent to $840.00 an ounce.

Gold dipped in early trading on Thursday, as the dollar strengthened after a surprisingly hawkish Fed policy meeting.

“Financial markets were caught completely off guard during late trading on Wednesday after the Federal Reserve adopted a firmly hawkish stance and even displayed some optimism over economic growth despite mounting concerns over weak inflation,” says FXTM research analyst Lukman Otunuga.

It’s the second time this year that the central bank hiked rates a quarter-percent, and the third time in six-months. The new rate range will be 1 percent to 1.25 percent. The benchmark rate hasn’t been above one-percent since the financial crisis of 2008.

President Trump Reportedly Being Investigated

Meanwhile, Gold gained safe-haven support after the Washington Post reported President Trump was being investigated for possible obstruction of justice. Special counsel Robert Mueller has widened the scope of an investigation that began with the suspected tampering of the 2016 U.S. elections by Russian hackers.

“They made up a phony collusion with the Russians story, found zero proof, so now they go for obstruction of justice on the phony story. Nice,” tweeted President Trump Thursday morning.

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