Los Angeles CA, June 28 (Tangible Investments) — by James O’Dell — Gold and Silver prices edged higher in early trading on Wednesday after Senate Postpones Vote On Healthcare. The yellow metal is up 0.38 percent to $1,251.40 an ounce after gaining $2.20 on Tuesday to close at $1,246.70.

Silver is up 0.93 percent to $16.79 an ounce after adding $0.05 on Tuesday to close at $16.63 an ounce. The Gold/Silver ratio fell to 74.97. Platinum is up 0.33 percent to $920.00 an ounce. Palladium is up 0.69 percent to $857.00 an ounce.

Gold rose in early trading Wednesday as the dollar weakened and stock markets fell after the Senate postponed healthcare vote. The dollar hit seven-month lows overnight after the Senate decided to delay voting on healthcare until after the holiday recess.

“Expect to see prices perking up heading into the latter part of the week, especially if the combination of a weaker dollar and U.S. equity markets stays with us for a little while longer,” said INTL FCStone’s Edward Meir, in a note.

Equities Unsettled After Yellen Says Overpriced

Equity markets are unsettled after Fed Chairwoman Janet Yellen told a London event that asset values were “somewhat rich.” Fed Vice Chairman Stanley Fischer told an International Monetary Fund (IMF) audience that price-to-earnings ratios are at historically high levels.

“With the ongoing uncertainty of Brexit, political risk in Washington and jitters from depressed oil accelerating the flight to safety, Gold is likely to remain supported moving forward. Technical traders will be paying attention to how the metal behaves above $1,250. A daily close above $1,250 could encourage a further incline towards $1,260,” says FXTM research analyst Lukman Otunuga.

The Shanghai Gold Exchange saw the Gold premium climb to nearly $12 an ounce over London Gold on high volume.

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