This week has seen several clients selling gold and silver to take advantage of the extraordinary price gains on both metals. However, as the price increases have continued, we have seen a high interest from clients to purchase the yellow metal.
GoldMoney's clients have preferred the Singapore vaults this week, with the London and Switzerland vaults less popular.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says gold and silver prices have remained strong this week despite the Chinese market being closed for the Chinese New Year.
After the week began strong for precious metals, with gold reaching almost USD1,200/oz due to a weaker US Dollar and a lower risk appetite, a dip in the price was experienced on Wednesday due to European shares rising. This was reversed after the Fed Chairwoman, Janet Yellen, spoke regarding interest rate hikes and stated that financial conditions 'have become less supportive to growth'. There appeared to be a more cautious outlook regarding the US economy but there was no sign of the Fed backing away from the expectation of gradual interest rate hikes.
Earlier this week, the US equity markets continued to be volatile along with disappointing data from the US economy, including the ISM Manufacturing Report which showed manufacturing activity was down for the fourth month.
Safe-haven demand for the metal was brought back as gold continued its price surge on Thursday, with gold leaping to a 1 year high, as equities plummeted in Asia and Europe and uncertainty continued over growth in the global economy.
More data is expected from the US over the next week; this could be positive for gold and provide further support for the precious metals going forward, if the data continues to be weaker.
11/02/16 16:00. Gold gained 11.7% to $1,246.00, Silver increased 5.9 % to $15.70, Platinum gained 5.9% to $952.74 and Palladium rose 5.7% to $522.47 Gold/Silver ratio: 79
NOTES TO EDITOR
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