Dealing Desk: Safe-Haven Gold Breaks $1,300/ozJun 17, 2016·Kelly-Ann Kearsey
This week, clients have been net selling gold, silver, and platinum.
Clients have been speculating on the market conditions with the FOMC statement being released on Wednesday and ahead of the Brexit referendum. Clients have been taking advantage of the higher pricing, particularly on Thursday when the price soared above USD1,300/oz, which was last briefly seen at the beginning of May 2016.
GoldMoney’s clients have favoured the Singapore and Canadian vaults this week with less preference being shown for the London and Hong Kong vaults.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney said that metal prices throughout the week have been steadily regaining momentum, with gold reaching a 6-week high on Thursday. The main support for the current price increase could be due to the FOMC as they announced on Wednesday that they would be holding the target rate at range of 0.25 to 0.50 percent, which was expected. However, FOMC had dovish views with regards to job gains as it was previously described as ‘continuing to strengthen’ but has now been described as ‘having diminished’.
Gold is being seen more as a safe-haven asset due to the uncertainty with regards to the upcoming Brexit vote, negative interest rates in Japan and Europe, along with a weaker US dollar.
Silver has also seen price increases this week as it reached a spot high of USD17.86/oz on Thursday. However, the move has been slightly weaker for silver as the gold to silver ratio increases back to 74.
16/06/16 16:00. Gold gained 3.7% to $1,312.56, Silver increased 3.6% to $17.76, Platinum lost 1.2% to $984.80 and Palladium decreased 3.8% to $534.40 Gold/Silver ratio: 74
NOTES TO EDITOR
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