Dealing Desk: Gold and Silver weighed down by US Data as PGM thrivesNov 26, 2015·Kelly-Ann Kearsey
This week has seen selling across both gold and silver as our clients give more of their attention to platinum and palladium.
GoldMoney's Asian vaults continued to be the most popular vault of choice, with clients selling in both Switzerland and UK.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says this week has seen clients selling gold and silver as the prices remain low. Gold merited some support earlier in the week due to geopolitical tensions but failed to hold on to those gains before retreating. GoldMoney clients have given more support toward the industrial metals this week, platinum and palladium. Markets have been slightly quieter today due to the US Thanksgiving holiday but data from the US economy this week has remained positive, giving more strength to the US dollar.
News from the European Central Bank (ECB) shows that officials are considering easing measures such as a two-tiered deposit rate on banks and buying more debt ahead of next week's ECB meeting. In light of this, the Euro recovered to $1.06 following a drop to a seven month low overnight.
↓Gold prices have continued to fall for the fifth consecutive week. Prices have been retreating in preparation of a tighter monetary policy in the US. Gold has seen more selling as the US dollar rises in strength hitting an eight month high on Monday along with positive data being released from the US economy. On Tuesday, gold gained 1% as a safe-haven bid after geopolitical tensions between Russia and Turkey; however, a stronger US dollar ensured gains did not last.
↓Silver prices pulled back from its resistance level and maintained a downward trend due to positive US data. Silver has also experienced less demand for its industrial uses and with a strengthed US dollar has continued to keep the prices down.
↑ Platinum and ↑ Palladium prices have remained steady this week, with palladium gaining on last week's prices and platinum remaining neutral. Clients have taken this week as an opportunity to diversify into the PGM group.
Week on week price performances
26/11/15 16:00. Gold dropped 1.1% to $1,071.15, Silver fell 0.7% to $14.23, Platinum leveled 0.0% to $850.49 and Palladium tose 3.8% to $556.47 Gold/Silver ratio: 74
NOTES TO EDITOR
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