This week has seen selling across all metals with the exception of platinum.
We have seen more buy orders into the Singapore, Canadian, and Swiss vaults this week. We have seen less of a preference for the UK and Hong Kong vaults this week.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says clients have continued to steadily buy this week, with some higher volume selling. This could be due to the price increase experiences this week, with silver reaching a high of USD 14.50/oz and gold at USD1,127.00/oz on Wednesday evening before both retreated back their previous levels. Clients appear to have been taking advantage of this increase in the market.
This week, the market was focused on the Federal Open Market Committee (FOMC) on Wednesday evening, awaiting news of the next interest rate hike. In the lead up to this event, the US dollar strengthened against the British Pound. It was then announced that the US interest rates would be kept on hold between 0.25% - 0.50% and it was expected that rates would remain unchanged; however, the FOMC have stated that global economic and financial developments would continue to be closely monitored. This release saw gold slip from its 12-week high due to stronger US dollar against a basket of currencies; silver reacted in a similar way, despite this news not being unexpected.
Over the course of the next week, we can look forward to some more data from the US economy to include the Existing Home Sales, Durable Goods Orders and also the US GDP. This should provide us with some interesting insights to the US economy and possibly offer more support for gold.
28/01/16 16:00. Gold gained 1.9% to $1,115.36, Silver increased 2.4 % to $14.23, Platinum rose 6.6 % to $862.25 and Palladium sunk 0.5% to $492.00 Gold/Silver ratio: 78
NOTES TO EDITOR
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