Goldmoney clients have been net selling all precious metals this week, with gold being the most heavily traded. Clients have preferred vaults in Zurich, Toronto, and London, and have shown less preference for the Singapore and Hong Kong vaults.
Gold’s fall into negative territory was driven by several factors this week as the U.S. dollar found continuing strength and both the S&P and the Dow reached all-time highs. The upbeat outlook for the U.S. economy and the Fed signaling room for at least one more rate hike in 2017 saw gold decline with an improved appetite for the riskier assets.
Gold touched a five-week low of $1,244.50 at the start of the week and drifted lower with tight daily trading ranges and intraday price volatility. U.S. dollar weakness and the Brent crude oil price’s fall to the lowest level since mid-November 2016 on excess supply saw the yellow metal gain some ground and increase to $1,253. Silver followed gold to a six-week low of $16.33 before moving back up to $16.57.
Platinum was well supported not really falling below $920. Industry is seeing small pockets of physical demand but the markets are well supplied. The short squeeze on palladium in the London market seems to be back under control and the price of the metal is looking firm at $880.
With the exception of palladium, which gained 3.9%, precious metals were fairly flat this week: platinum rose by 0.9%, gold dropped by 0.4%, and silver posted the largest drop at 1.2%.
22/06/17 16:00 – Gold: $1,250.57; Silver: $16.57; Platinum: $931.55; Palladium: $893.48 Gold/Silver Ratio: 75.46
Please note: The weekly Dealing Desk report will now be published twice monthly. The next Dealing Desk report will be posted on Thursday, July 6, 2017.
NOTES TO EDITOR
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Goldmoney is one of the world’s leading providers of physical gold, silver, platinum and palladium for private and corporate customers, allowing users to buy precious metals online. The easy to use website makes investing in gold and other precious metals accessible 24/7.
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