Los Angeles CA, June 21 (Tangible Investments) — by James O’Dell — Gold and Silver prices were mixed in early trading on Wednesday with rate hike expectations dampened as oil prices tumble. Gold is up 0.11 percent to $1,244.00 an ounce after easing $1.00 on Tuesday to close at $1,242.60 an ounce.

Silver is down 0.30 percent to $16.39 an ounce after slipping $0.04 on Tuesday to close at $16.44 an ounce. The Gold/Silver ratio rose to 75.58. Platinum is up 0.11 percent to $921.00 an ounce. Palladium is up 0.46 percent to $876.00 an ounce.

The yellow metal bounced off of 5-week lows in early trading Wednesday as oil prices tanked and the dollar fell. Analysts believe crude oil’s price slide to seven-month lows reduces inflationary pressures making further rate hikes this year less likely.

Change In Sentiment Helps Gold

“The change in sentiment has helped Gold,” said ABN AMRO analyst, Georgette Boele. “Momentum certainly seems to be lower for the moment,” said MKS PAMP trader Alex Thorndike. “(But) there does seem to be a little renewed buying interest below $1,250, so we feel a period of consolidation is likely,” added Thorndike.

Support from the 200-day-MA at the $1,237 level provides the floor for Gold to climb back towards $1,275, says Boele.

Even though most Fed officials’ tone this week has been hawkish and has weighed on Gold prices, financial markets appear unmoved. Markets have yet to factor in a higher probability of another rate hike this year, say analysts.

Chicago Fed President Charles Evans said Tuesday that the central bank should wait until year-end before hiking rates again. The policymakers is concerned that due to softening inflation the bank would struggle to reach its two-percent objective.

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