Dealing Desk: Gold Retains its Attractive ShineFeb 24, 2017·Rachel Stonier
“Better-than-expected U.S. economic data indicating a continued tightening of the U.S. labour market saw gold experience some intra-day volatility at the start of the week as it moved down to $1,228 before quickly climbing back to a weekly high of $1,243.25 on buying interest..."
Goldmoney Wealth clients have been net buying all precious metals, with gold and silver being the favoured buys this week. Clients have preferred vaults in Zurich, London, Toronto, and Singapore, and have shown less preference for the Hong Kong vault.
“Better-than-expected U.S. economic data indicating a continued tightening of the U.S. labour market saw gold experience some intra-day volatility at the start of the week as it moved down to $1,228 before quickly climbing back to a weekly high of $1,243.25 on buying interest,” said Rachel Stonier, dealing manager at Goldmoney Wealth. “As the market for gold is still very quiet and thin, the price can move suddenly on little volume; the unpredictability of Trump’s first term as president continues to cause extreme reactions and moves.”
In Europe, investors have been heading for the safe-haven appeal of both gold and silver due to uncertainty driven by doubts surrounding the French elections, questionable stability of Italian banks, and renewed speculation regarding the economic development of Greece.
Silver had a stellar start to the week, touching a three-month high of $18.17. Gold hovered around $1,236 then rocketed to $1,247 on Thursday when Treasury Secretary Mnuchin’s comments about U.S. national debt levels hammered the U.S. dollar and sparked a flurry of bond and bullion buying.
Platinum hit a weekly high at $1,014, while palladium saw a three-week high of $793; however, both metals fell lower midweek then rallied on the benefits of the weaker U.S. dollar on Thursday.
Gold and silver were the strongest performers week over week: Gold posted the largest gain of 0.7% and silver increased by 0.3%; platinum fell by 0.5% and palladium suffered a 2.1% loss.
23/02/17 16:00 – Gold: $1,249.76; Silver: $18.15; Platinum: $1,010.83; Palladium: $777.21. Gold/Silver Ratio: 68.87.
NOTES TO EDITOR
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