It's been a week where precious metals' prices have been dominated by the conflicting pressures of a stronger US economy and dollar versus a potential Greek exit from the Eurozone.
Dealing Manager Kelly-Ann Kearsey said, 'After gold's rise above the psychological $1200 level last week, prices took a hit when US GDP figures showed the economy is on a stronger road to recovery than first thought. This was good news for America and the dollar; however, it hit the gold price. We saw our customers engage in some profit taking before the slip, but the last few days have been dominated by buying as the lower price and the Greek uncertainty encouraged safe haven buying.
'It's not just gold which has benefited. Silver and platinum have also been on the shopping list for GoldMoney customers keen to snap up the metals at their bargain pricing. Both metals have industrial usage so an improving economic climate will up their demand.
'UK data showing mortgage approvals hitting a ten month high in May helped Sterling rise sharply on the foreign exchange market and concurrently decreased the relative price of gold which has now hit a seven month low in Sterling.
'Looking forward if the economic news remains positive we're likely to also see some gold purchasing as an inflation hedge.
Of course the Greek debt situation is currently dominating minds and markets. The final hours have come and with still no deal, there are concerns it could result in an exit of the country from the Euro with global economic repercussions. For now all the markets can do is wait and see.'
Week on week price performances
25/06/15 16:00. Gold down 2.4% to $1,172.60, Silver slipped 3.3% to $15.81, Platinum off 0.3% to $1,078.75 and Palladium down 6.2% at $676.75.
NOTES TO EDITOR
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