Dealing Desk: FOMC Dovish Decision Boosts Precious MetalsMar 17, 2016·Kelly-Ann Kearsey
This week, clients have been buying larger volumes of all precious metals, possibly speculating ahead of the FOMC meeting on Thursday and taking advantage of the lower prices seen through the week. Silver has been the favourite metal of the week, receiving the highest proportion of buy orders.
GoldMoney’s clients have continued to favour the Singapore and Canadian vaults this week, with less favour being shown for the London and Swiss vaults.
GoldMoney’s clients have preferred the Singapore and Canadian vaults this week, with less favour being shown for the London and Swiss vaults.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says the Federal Reserve meeting on Wednesday has been the main focus of the market this week. On Tuesday, the gold price reached its lowest in nearly two weeks which trend continued into Wednesday pending the outcome of the meeting. Silver prices had remained consistant between last week’s low of USD15.16 and this week’s high og USD15.83 with price activity being low ahead of the Federal Reserve.
On Thursday, the gold and silver price surged, boosted by the Federal Reserve’s dovish approach in its decision to reign in interest-rate expectations. Silver has been pushed back to the psychological level of USD16.00/oz and the FOMC has also indicated that there will only be one more rate hike this year, compared to four as previously indicated. Global economic and financial developments continue to pose a risk with regard to the health of the US economy.
17/03/16 16:00. Gold lost 0.2% to $1,264.01, Silver increased 2.7 % to $15.99, Platinum rose 0.1% to $990.20 and Palladium gained 3.6% to $590.30 Gold/Silver ratio: 79
NOTES TO EDITOR
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