This week, clients have been selling their gold positions and have been buying or exchanging into silver.
GoldMoney’s clients have continued to favour the Singapore and London vaults this week, with less favour being shown for the Swiss and Canada vaults.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney said, this week saw a shortened trading week due to the Easter break and today marks the end of the first quarter. Gold and silver had retreated in price earlier in the week as there were signs of renewed strength in the U.S. labour market backed by the release of strong ADP employment figures.
The metals then rallied on Tuesday after Fed Chair Janet Yellen stated the US Central Bank should proceed cautiously in raising rates. In turn, gold and silver both gained renewed support as gold reached a high of $1,243.10/oz and silver, $15.39/oz.
The attention has now turned to the US non-farm payrolls data on Friday which will give an indication as to health of the economy. A softer reading could boost gold further.
Over the next week news from the FOMC may continue to support the market if they continue their dovish tone. We can expect an updated from the Federal Reserve on Wednesday 6 April.
31/03/16 16:00. Gold gained 1.2% to $1,234.41, Silver increased 0.8 % to $15.36, Platinum gained 2.5% to $977.14 and Palladium increased 3.0% to $571.32 Gold/Silver ratio: 80
NOTES TO EDITOR
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