The week has seen a mixed picture with net selling of gold, net buying of silver and a 5% increase in palladium prices, but all eyes are on the US with key figures on GDP and a report from the Federal Open Market Committee due next week.
Movements of gold and silver prices were exactly in line with last week, but the palladium bounced back after last week’s big drop.
The last seven days have seen stats confirming slowing growth in China – midweek Chinese GDP figures showed the weakest growth since 2009 – and a more upbeat message supported by better-than-expected corporate earnings in the US.
GoldMoney’s Dealing Manager, Kelly-Ann Kearsey said, ‘We have seen much more selling of gold this week against net buying of silver, continuing the trends that we saw last week. ‘After slipping below the gold price for the first time in 12 months last week, palladium has been our top performer this week.
The price of palladium has come up roughly 5% - a significant move when the other metals have barely shifted. ‘We are still seeing steady volumes, with movements of net selling in our Switzerland vault but also buying in our Singapore vault – that has been a consistent picture for some time.’
16:00 23/10/14: Week on week performance: Gold rose 1.0% to $1,226.90; Silver slipped 1.3% to $17.11; Platinum also dropped 0.3% to $1,241.25 while Palladium rose 4.9% to $763.75.
NOTES TO EDITOR
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