With gold at a seven-month low the precious metals market saw selling across the board this week. Kelly-Ann Kearsey, Dealing Manager at the online precious metals trader, said, 'Our customers were profit taking this week with the buyer/seller ratio showing a slight favour towards the sellers.
'There was a continuation in the West to East movement of bullion, with most of the sell-off from the UK and Swiss vaults and almost all the purchases going into the Singapore vault.
'Palladium prices fell the most, however some of our customers have seen this as a buying opportunity with the worst of the profit taking in gold and silver. The strengthening of the dollar, potential interest rate hike with the Federal Open Market Committee meeting next Tuesday, and a strengthening faith in the US economy are having an impact. Meanwhile, the easing of geopolitical factors has also reduced the safe haven status of gold.
'We expect the next week to continue to be volatile with the expiration of various options next Friday. Plus, apart from the FOMC, the US Retail Sales and Consumer price index figures could also give further direction to the market and place more pressure on metals prices.'
16:00 11/09/14: Week on week performance: Gold fell 2.3% to $1,239.55; Silver lost 2.8% to $18.64; Platinum also dropped 2.7% to $1,371.50 while Palladium slipped 4.9%
NOTES TO EDITOR
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