Dealing Desk: Ukraine tension puts shine on gold as a safe haven

Dealing Manager at the online precious metals trader, Kelly-Ann Kearsey, said that gold had been the best performer over the week.

The week saw a buy/sell ratio of 1.

The summer months tend to see a drop off in activity, but with geo-political tensions still high, there is still a fair amount of movement.

Kelly-Ann said: "Gold was boosted above $1,300 per ounce due to the escalation of tension in Ukraine, which has put pressure on global equities and increased the attraction of a safe haven investment.

"Earlier in the week we saw strong US figures which kept prices below the $1,300 mark, but as the tension between Russia and the West escalated the price pushed up."

"The ECB's announcement that interest rates will be kept low for an extended period of time had little affect on the markets."

"In the following week we expect to be focusing on figures due on China's industrial production, the Producer Price Index in the US and also the Retail Sales."

16:00 31/07/14: Week on week performance: Gold up 1.4% to $1,305.81; Silver fell 2.5% to $19.90; Platinum stayed almost steady, rising only 0.3% to $1,468.50 while Palladium dropped 2.6% to $847.47.

NOTES TO EDITOR

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