Los Angeles CA, May 30 (Tangible Investments) — by James O’Dell — Precious metals prices eased in early trading Tuesday after investors return from holiday, but safe haven demand still driving Gold. The yellow metal is down 0.26 percent to $1,263.40 after climbing $11.30 on Friday to end the week at $1,266.70.

Silver is down 0.17 percent to $17.28 an ounce after gaining $0.19 on Friday to finish the week at $17.31. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 73.18. Platinum is down 1.67 percent to $943.00 an ounce. Palladium is up 0.51 percent to $793.00 an ounce.

Gold hit a one-month high in early trading on Tuesday, bolstered by safe-haven buying but some mild profit taking has since kicked in.

Political Uncertainty Driving Safe-Haven Buying

“The ongoing political uncertainty in the market is really driving safe-haven buying at the moment,” said Daniel Hynes of ANZ.

“Weaker equity markets certainly have played their part, but support from that has been sporadic and we’re continuously seeing a strong level of safe-haven demand being the primary driver still.”

Investors continue to turn to physical Gold and Silver as favored safe-haven assets while they assess the current political turmoil. With reports of clandestine meetings between the President of the United States’ closest advisors and Russian operatives, Gold could rally.

Meanwhile, Gold is also being driven by a dovish Fed, renewed political uncertainty and weaker dollar, according to TD Securities. “Given the current political circumstances and emerging uncertainty surrounding US rate hikes and broader monetary and fiscal policy, we believe there could be further room for Gold to move higher still,” said TDS.

“The yellow metal may well trend toward a technically determined high near the upper bound of the trading range just under $1,290.”

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