Investors in precious metals have been realising quick profits over the last seven days, as increases in prices across gold, silver, platinum and palladium saw the recent trend of net buying reversed.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says that weaker than expected US jobs data last week led to a jump in the gold price – which went up by around US$ 25 in just minutes on the publication of the data. That has prompted some short-term investors to sell, and realise a quick profit.
"We have seen a big boost in the USD price, and that was purely down to the US jobs data which showed that there was far less growth than analysts were predicting – the reality was that we saw the weakest US jobs figures for 18 months, which gave prices a tangible boost which lasted through the week.
"That theme of price volatility could continue – the only significant data that we expect to see over the next seven days is the minutes of the Fed's September meeting, and, once again, everyone is waiting for some hint about a US interest rate rise, which has effectively been the saga of the year.
"There has been the usual trend of selling out of London and into Singapore, but we've also seen some selling interest in our Hong Kong vault."
Week on week price performances
08/10/15 16:00. Gold rose 2.6% to $1,144.41, Silver rose 7.8% to $15.67, Platinum rose 4.5% to $947.24 and Palladium rose 4.6% to $703.47 Gold/Silver ratio: 73
NOTES TO EDITOR
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