It was a slightly better week for gold on the precious metals markets, but online physical bullion trader, GoldMoney, still reported selling among its customers.
Dealing Manager, Kelly-Ann Kearsey said, 'We've seen net selling for the yellow metal and net buying for silver this week, as well as interest in palladium. It appears the industrial metals are currently more in favour.
'Whilst trading volumes are up from last week, it's still in favour of sellers which is at odds with this time last year, and a little quieter than usual.
'The selling has been out of our vault in Switzerland, with metals going in to Singapore, Hong Kong and to a small extent, Canada.
'Gold prices rose thanks to the Federal Open Market Committee minutes which shattered market expectations of an early hike in interest rates. Detailing officials' concerns about a weakening global outlook and the strength of the dollar, the news sent the greenback into reverse and brought out the safehaven buyers.
'Whether or not the Swiss referendum in November will have an impact on the market will remain to be seen. Obviously if they vote in favour of the Central Bank there buying back some of its gold reserves, we could see a large amount of buying in the market, and the resulting boost in price.
16:00 09/10/14: Week on week performance: Gold rose 1.0% to $1,226.56; Silver added 2.8% to $17.56; Platinum also gained 1.4% to $1,279.75 while Palladium jumped 4.3% to $803.22.
NOTES TO EDITOR
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GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.
GoldMoney currently has over 22,000 customers worldwide and holds $1.4billion of precious metals in its partner vaults.
GoldMoney has offices in Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.
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.
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