This week, clients have been net buying gold whilst net selling silver.
Week on week, the volume of orders seen have been lower than last week; however, this could be due to the gold and silver price being stuck in a range. Alternatively, it could have been due to speculation of the US Federal Reserve minutes release, with the market waiting to see whether the prices would be prompted to move.
Goldmoney Wealth’s clients have favoured the Singapore, Canadian, and London vaults this week with less preference being shown for the Swiss vaults.
Kelly-Ann Kearsey, Dealing Manager at Goldmoney Wealth said that on Friday we saw the gold price jump 1.3% due to flat US retail sales figures released from the US, which also caused a further retreat in the US dollar.
Earlier in the week, we saw the dollar push lower against the major currencies as mixed US economic reports contributed to the move. The markets were awaiting the release of the July minutes from the FOMC on Wednesday and the prices remained with range alongside the release of the US consumer prices which were unchanged while US housing starts unexpectedly climbed.
Gold then rose for the fourth session in a row on Thursday, which was supported by a weaker dollar after the minutes from the US Federal Reserve were released. The minutes showed that several members were cautious on hiking rates and therefore added support to the idea that US interest rates are poised to stay low for a longer period of time.
18/08/16 16:00. Gold dropped 0.02% to $1,351.10, Silver decreased 2% to $19.77, Platinum declined 2.6% to $1,157.30 and Palladium gained 2.1% to $714.47 Gold/Silver ratio: 68
NOTES TO EDITOR
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