Dealing Desk: US Data Continues to Support Precious MetalsMar 3, 2016·Kelly-Ann Kearsey
This week, clients have been net buying all precious metals with some clients taking advantage of the higher pricing to sell their metal.
Overall, clients showed a preference for gold and silver this week. It appears that many clients are supporting the precious metals in times of economic turmoil.
GoldMoney's clients have preferred the Singapore vaults, with less favour being seen this week for the London and Swiss vaults.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says: in the news this week, it was announced that India has reintroduced a local sales tax on gold on top of record import duties. This could be seen as a dampener on the yellow metal as India is the world's second biggest consumer of gold. There is some thought that this may affect the level of demand from Indian consumers.
Gold experienced its best month during February, being better than it had in four years with gains of 10% due to turbulence within the markets.
Although Asian shares were seen rising slightly on Tuesday, they were constrained by US and European data. US data included home sales data which had fallen to its lowest level in a year for January 2016 which kept concerns about global growth afloat.
On Wednesday, the gold price increased which was possibly boosted by a decline in US stock indices along with an increase of oil prices. Alongside these factors, gold is still seeing demand as a safe-haven asset against inflation and economic uncertainity. Leading on from this, the industrtial metals are also now making a stand as they have seen impressive price gains over the week of 2.3% for platinum and 12.4% for palladium.
03/03/16 16:00. Gold gained 1.5% to $1,256.86, Silver dropped -0.3 % to $15.13, Platinum increased 2.3% to $947.40 and Palladium rose 12.4% to $541.01 Gold/Silver ratio: 83
NOTES TO EDITOR
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