Dealing Desk: Gold Moves Above USD1,200Jan 13, 2017·Rachel Stonier
“U.S. President-elect Donald Trump’s highly-anticipated press conference failed to offer any details on his much-discussed plans to boost fiscal spending and cut taxes, which saw the U.S. dollar sink and gold rally from $1,180 to a seven-week high of $1,200 on Wednesday.
Goldmoney Wealth clients have been net buying both gold and silver, while selling has taken place in platinum and palladium. Clients have favoured vaults in Zurich, Singapore, and Toronto, and have shown less preference for the London and Hong Kong vaults.
“U.S. President-elect Donald Trump’s highly-anticipated press conference failed to offer any details on his much-discussed plans to boost fiscal spending and cut taxes, which saw the U.S. dollar sink and gold rally from $1,180 to a seven-week high of $1,200 on Wednesday. Gold has benefitted from political and policy uncertainty so far this year, and we may see this continue with the upcoming European elections and continued post-Brexit fallout,” said Rachel Stonier, dealing manager at Goldmoney Wealth. “On the trading desk, we have noticed a higher Bid-Ask spread in the gold bullion market due to poor liquidity, which is forcing market makers to protect against intraday volatility.”
Silver started out the week at $16.55 before falling short of the $17 level and maintaining at $16.96, while palladium remained unchanged, starting the week at $757. Platinum, bid up by speculative buyers trying to move the metal to $1,000, jumped $10 to $981.
All precious metal prices increased over the past week; palladium posted a gain of 2.6%, gold gained 1.7%, silver increased by 1.2%, and platinum posted a mild increase of 0.6%.
12/01/17 16:00 – Gold: $1,202.01; Silver: $16.88; Platinum: $978.10; Palladium: $761.96. Gold/Silver Ratio: 71.22.
NOTES TO EDITOR
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