Dealing Desk: Hawkish FOMC statement impacts metal prices

Oct 29, 2015·Kelly-Ann Kearsey

This week has seen selling across all metals apart from gold which has remained the favorite this week with GoldMoney's clients.

GoldMoney's Singapore and Hong Kong vaults remained the most popular this week, with UK and Swiss vaults seeing the most selling.

Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says that we have seen more volatility and caution in the markets ahead of the Federal Reserve Policy statement. Precious metals were supported earlier in the week after a decline in consumer confidence was experienced, hinting at economic weakness. FOMC's statement was the significant news of the week. Although rates remain unchanged, a hawkish stance has been taken and there are hints of a rate rise in the December meeting, which has gone against expectations of the event happening in early 2016.

↑ Gold experienced a high of USD 1,181.00/oz this week ahead of the FOMC but then dropped 1% after the Fed signaled a possible December rate hike. As a result, the US dollar hit a two and a half month high and prices have been seen to retreat to the USD1,150.00/oz level. Clients have been taking advantage of this price opportunity and may be using gold as a safe-haven against inflation should the rate rise take effect.

↓ Silver followed gold in price movements with the metal reaching a high of USD16.32/oz before the FOMC, after which it retreated to USD15.80. Positive US data was later released, which pushed the metals lower, prompting clients to sell silver to retain profit.

↓ Platinum and Palladium saw a slightly quieter week. Clients have been selling the industrial metals as platinum was unable to remain at its USD1,000/oz level regardless of the news presented by Toyota unveiling a push into fuel cell cars.

Week on week price performances
29/10/15 16:00. Gold lost 1.6% to $1149.00, Silver fell 1.6% to $15.54, Platinum dropped 1.3% to $988.75 and Palladium fell 1.4% to $670 Gold/Silver ratio: 73

For more information, and to arrange interviews, please contact Emily Cornelius, Communications & PR Tel: + 1 647 499 6748 or email: [email protected]

GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for private and corporate customers, allowing users to buy precious metals online. The easy to use website makes investing in gold and other precious metals accessible 24/7.

Through GoldMoney's non-bank vault operators, physical precious metals can be stored worldwide, outside of the banking system in the UK, Switzerland, Hong Kong, Singapore and Canada. GoldMoney partners with Brink's, Loomis International (formerly Via Mat), Malca-Amit, G4S and Rhenus Logistics. Storage fees are highly competitive and there is also the option of having metal delivered.

GoldMoney currently has over 20,000 customers worldwide and holds over $1billion of precious metals in its partner vaults.

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.

Further information:
Visit: or view our video online