Los Angeles CA, November 2 (Tangible Investments) by James O’ Dell Precious metals prices were mixed on Thursday. Trump nominates Powell Fed Chief Gold firms. Gold is up 0.32 percent to $1,278.40 an ounce after gaining $3.90 on Wednesday to close at $1,274.30 an ounce.

Silver is down 0.06 percent to $17.10 an ounce after soaring $0.42 on Wednesday to close at $17.11 an ounce. The Gold/Silver ratio fell to 74.48 as Silver outperformed Gold. Platinum is down 0.32 percent to $928.00 an ounce. Palladium is down 0.50 percent to $991.00 an ounce.

Gold firmed in early trading on Thursday as the dollar hit one-week lows after President Trump announced his nomination for Fed Chief. Trump named current Fed Governor Jerome Powell to replace Janet Yellen to lead the central bank starting February 2018.

“If he (Trump) were to pick Fed Governor Powell as expected, Gold would likely make slight gains,” said Commerzbank analysts. Fed Chair Janet Yellen will be able to remain as Fed governor until 2024 if she so chooses.

The Fed left interest rates unchanged at the Federal Open Market Committee (FOMC) meeting this week as expected. Policymakers left the door open for another rate hike in December, but lagging inflation is still a concern.

According to the CME Fed-Watch tool, markets have already priced in a 97 percent chance for a rate hike in December.

House Rewrites Tax Code

Meanwhile, the House of Representatives released proposals to rewrite the tax code on Thursday which is weighing on the dollar. The $1.51 trillion plan cuts the corporate tax rate from 35 percent to 20 percent and reduces taxes for some middle-class families.

Bart Melek, of TD Securities says the tax plan Congress is considering would increase the budget deficit and expand the debt.

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