Los Angeles CA, May 18 (Tangible Investments) — by James O’Dell — Precious metals prices edged lower in early trading on Thursday as the rally in Gold turns to mild profit taking. The yellow metal is down 0.55 percent to $1,254.00 an ounce after rallying $24.20 on Wednesday to close at $1,260.90.

Silver is down 1.54 percent to $16.60 an ounce after gaining $0.02 on Wednesday to close at $16.86. The Gold/Silver ratio rose to 74.89. Platinum is down 1.06 percent to $934.00 an ounce. Palladium is down 1.79 percent to $766.00 an ounce.

Gold eased modestly in early trading on Thursday after posting its biggest one-day rally since last summer’s Brexit vote. The dollar is hovering near six-month lows against a basket of major currencies.

“The U.S. dollar is tending towards weakness due to the political chaos in the United States and the increasingly frequent scandalous reports about U.S. president Trump,” said Commerzbank in a note.

“Gold is profiting from this confusion and has climbed this morning to a 2-1/2-week high of over $1,260 per troy ounce. What is more, it exceeded the technically important 200-day moving average yesterday, which lent it additional buoyancy.”

Gold Rallies On Growing Geopolitical Turmoil

The yellow metal rallied on safe-haven demand after reports that President Trump tried to intervene in an ongoing FBI investigation. Today we hear that Michael Flynn and other Trump campaign officials contacted Russian officials during the 2016 presidential race.

“Concerns have skyrocketed over the current political turmoil in the United States, obstructing Trump’s efforts to implement his pro-growth policies, which simply punished the U.S. dollar,” says FXTM research analyst Lukman Otunuga.

“With expectations of an interest-rate increase in June by the Federal Reserve slowly diminishing amid the soft economic data, Gold should find itself supported moving forward.” The odds of an interest rate increase in June just fell below 70 percent, according to the CME FedWatch Tool.

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