Los Angeles CA, March 16 (Tangible Investments) - by James O'Dell - Precious metals prices rose across the board in early trading on Thursday, with Gold up 0.67 percent to $1,227.90 an ounce after surging $21.10 or 1.76 percent on Wednesday to close at $1,219.70 an ounce.
The price of Silver is up 0.09 percent to $17.34 an ounce after rallying $0.48 or 2.80 percent on Wednesday to close at $17.33 an ounce, while the Gold/Silver ratio fell to 70.38. Platinum is up 0.42 percent to $956.00 an ounce and Palladium is up 0.92 percent to $767.00.
Gold rallied to a one-week high in early trading after the Fed hiked interest rates by 25 basis points on Wednesday, as anticipated. It was the second time in four months that officials had boosted rates and their outlook calls for two more rate hikes before the end of the year.
"Yellen reiterated that future rate increases would be 'gradual', with this keyword bestowing a dovish tone to the outlook," said INTL FCStone analyst Edward Meir.
“Last night was really setting the scene for the next three-to-six months,” said Wayne Gordon, executive director for commodities and forex at UBS Group AG, in a Bloomberg interview.
“Yellen was very, very clear” that although she sees risks to the economy as balanced and sounded more optimistic, she’s going to stick to three rate hikes this year and three next year, said Gordon. “That means real interest rates go deeper into negative territory in the U.S., that means a weaker U.S. dollar and it means a better Gold price.”
Meanwhile, Dutch center-right Prime Minister Mark Rutte scored an election victory against anti-European Union (EU) challenger Geert Wilders on Wednesday, as EU members breathed a sigh of relief. Many European nations are facing a rising wave of nationalism with citizens wanting out of the EU.
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