The bulls have been back in charge of the gold market this week after US Federal Reserve Chair, Janet Yellen confirmed the Fed will continue to cut its stimulus measures, whilst yesterday's disappointing data on US Retail Sales and Jobless Claims renewed concerns over economic growth.
GoldMoney's Head of Dealing, Roland Khounlivong said: 'Gold has definitely been the winner this week. For GoldMoney customers it's amounted to nearly three-quarters of all our precious metal net buy orders. It has also been the busiest week of the year so far, up 15% in terms of gross traded volume on last week.
'We have seen a continuation of last week's trend with orders coming in across the globe, and every single one of our vaults has experienced net buy orders. Singapore has, as usual, been the main beneficiary, but western buyers and vaults are now back in the frame amid the more bullish market sentiment.
'Next week is also going to be an interesting one with some heavyweight economic data due out. We are expecting the Chinese Manufacturing figures and the US Consumer Price Index update. It will also be Janet Yellen's first FOMC, all data and events which could have a further big impact on the gold price.'
16:00 13/02/14: Week on week prices: Gold rose 3.34% to $1,296.70; Silver was also up 2.27% $20.30; Platinum gained 2.26% at $1,401.74 and Palladium, gained 2.29% at $724.72.
NOTES TO EDITOR
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