Los Angeles CA, July 17 (Tangible Investments) — by James O’Dell — Precious metals prices edged higher in early trading on Monday as rally pushes Gold above 200 day moving average. Gold is up 0.49 percent to $1,234.40 an ounce after climbing $11.10 on Friday to end the week at $1,228.40 an ounce.

Silver is up 1.10 percent to $16.13 an ounce after jumping $0.28 on Friday to finish the week at $15.95 an ounce. The Gold/Silver ratio fell to 77.02. Platinum is up 1.09 percent to $929.00 an ounce. Palladium is up 0.47 percent to $858.00 an ounce.

Gold extended gains on short-covering in early trading Monday as dollar slipped to 10-month lows after Friday’s weaker-than-expected economic data. “The dollar continues to be on the back foot and yields have dropped back somewhat from their relatively elevated positioning lately,” said analyst Jonathan Butler of Mitsubishi.

The data highlighted weakening U.S. inflation and has already reduced prospects for more rate hikes this year. Financial markets have questioned the Fed’s commitment to raising rates all year, says Brown Brothers Harriman.

“The markets were skeptical of the March hike until officials launched a full-court press to convince it otherwise. Officials needed less of a campaign about the June hike. It is a possible third hike this year that the market is now skeptical of,” said BBH.

Gold Primed For Another Rally

“Investor sentiment (for Gold) has improved quite dramatically over the past week, especially with the weak data out of the United States last week,” said ANZ analyst Daniel Hynes. “Gold is now primed for another rally.”

Meanwhile, Standard Chartered says the inverse correlation between Gold prices and the dollar is stronger, and underpinning Gold. “Gold maintains its strong correlation with U.S. macro factors, and while it continues to track 10-year U.S. Treasuries closely, its strongest relationship is currently that with the USD,” said Standard Chartered.

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