Gold Inches Up Ahead Of Fed Meeting And Dutch Elections

  • Posted Wednesday, March 15, 2017 at 08:38 AM

Los Angeles CA, March 15 (Tangible Investments) - by James O'Dell - Gold and Silver prices were mixed in early trading on Wednesday, with Gold up 0.03 percent to $1,201.20 an ounce after sliding $5.10 or 0.42 percent on Tuesday to close at $1,198.60 an ounce.

Silver is down 0.09 percent to $16.83 an ounce after easing $0.11 or 0.65 percent on Tuesday to close at $16.85 an ounce, while the Gold/Silver ratio rose to 71.13. Platinum is down 0.32 percent to $932.00 an ounce while Palladium is up 0.27 percent to $743.00.

Gold edged higher in early trading as the market anticipates an immediate U.S. rate increase at the conclusion of today's Federal Open Market Committee (FOMC) meeting. The Fed policy statement is scheduled for release at 2:00 ET, with economic projections and Fed Chief Janet Yellen’s press conference to follow.

Investors will now look for clues on the number of rate increases that can be expected for the rest of the year. "The market is in wait and see mode for this afternoon when we hear what the Fed will do this year," said Mitsubishi analyst Jonathan Butler.

"The increase is largely in the price. The really interesting thing will be how hawkish the Fed sounds when they give the forecast of rate rises for the year," said Butler. "If, however, the Fed tones down its recent hawkish rhetoric, the dollar and yields could slump and give the chance for Gold and precious to stage a relief rally.”

Meanwhile, investors are also focused on elections in the Netherlands, where The Party for Freedom, reportedly wants to "de-Islamicize" the country. While the party may have little chance of winning in the Netherlands, a strong performance could confirm that populism is on the rise in Europe and could, therefore, bolster the chances of Marine Le-Pen winning the French elections and taking France out of the European Union.

It's important to protect your hard earned wealth during these times of economic and geopolitical uncertainty, and at Tangible Investments, it doesn't matter whether you're new to precious metals or a seasoned veteran, you will always be dealing with top industry experts.

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Get a Free Gold Investor's Guide
MetalBIDASKCHG$CHG%
Gold1216.001216.70$0.900.07%
Silver17.3217.36$0.140.81%
Platinum976.00979.00$1.500.15%
Palladium752.20755.20$1.750.23%
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