This week has seen clients supporting gold and platinum whilst selling silver and palladium.
GoldMoney's clients have been buying into the Singapore and Canadian vaults again. There has also been more buy orders into the Swiss vault this week.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says that gold has climbed to a two-month high earlier in the week along with silver which resumed its position above USD14.00/oz. This is due to global uncertainty which appears to have triggered demand for the metal as a safe-haven. After falling on Tuesday due to a stronger US dollar, equity markets rose after data was released from China showing the weakest economic growth in years.
Gold has struggled through the week to push above USD1,100/oz due to the threat of further US interest rate increases, along with a stronger dollar. It has now retreated due to the news posted today by the ECB who have hinted at further stimulus. This,in turn struck the Euro, weaking it against the US dollar whilst oil prices have fallen to their weakest since 2003.
Platinum has fallen to a seven year low, hovering just above of the lows experienced in 2009. Palladium has also seen five year lows. The industrial metals have been hurt by fears over global growth. Being that these metals are industrial and used heavily in the automobile sector, it more exposed to concerns over economic weakness than gold.
21/01/16 16:00. Gold gained 1.1% to $1,094.36, Silver increased 0.8 % to $13.90, Platinum declined 3.5% to $808.99 and Palladium rose 1.3% to $494.50 Gold/Silver ratio: 78
NOTES TO EDITOR
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