Dealing Desk: Ukraine tension puts shine on gold as a safe haven

Dealing Manager at the online precious metals trader, Kelly-Ann Kearsey, said that gold had been the best performer over the week.

The week saw a buy/sell ratio of 1.

The summer months tend to see a drop off in activity, but with geo-political tensions still high, there is still a fair amount of movement.

Kelly-Ann said: "Gold was boosted above $1,300 per ounce due to the escalation of tension in Ukraine, which has put pressure on global equities and increased the attraction of a safe haven investment.

"Earlier in the week we saw strong US figures which kept prices below the $1,300 mark, but as the tension between Russia and the West escalated the price pushed up."

"The ECB's announcement that interest rates will be kept low for an extended period of time had little affect on the markets."

"In the following week we expect to be focusing on figures due on China's industrial production, the Producer Price Index in the US and also the Retail Sales."

16:00 31/07/14: Week on week performance: Gold up 1.4% to $1,305.81; Silver fell 2.5% to $19.90; Platinum stayed almost steady, rising only 0.3% to $1,468.50 while Palladium dropped 2.6% to $847.47.

NOTES TO EDITOR

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]

GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.

GoldMoney currently has over 22,000 customers worldwide and holds $1.4billion of precious metals in its partner vaults.

GoldMoney has offices in Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.

GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.

Visit www.goldmoney.com.

Follow the GoldMoney Dealing desk team on Twitter: //www.twitter.com/@goldmoneyupdate" target="_blank" data-mce-href="http://www.twitter.com/@goldmoneyupdate">@goldmoneyupdate