Gold has been trading at two-month highs with the outbreak of violence in Iraq and a weak dollar bringing its safe haven qualities back in the spotlight.
This week, investors became more nervous about shares with the Iraqi situation and some concerns about the economic recovery in Europe.
Platinum and palladium prices softened after news that the world's top three platinum producers and the union that led an unprecedented five-month strike signed an agreement on Tuesday, bringing to an end the longest and costliest wage dispute in the history of South African mining.
Dealing Manager at GoldMoney, Kelly-Ann Kearsey said: 'We have seen some volatility in gold prices this week, and there have been opportunities for profit-taking on both gold and silver.
'We have seen the majority of selling from our Switzerland vault with the majority going into our Singapore vault – continuing that west-to-east trend that we have been seeing for some time. Silver has been our best performer this week and we have seen a buy-to-sell ratio of 1.1 to 1 in favour of buyers.
'Platinum and palladium were relatively steady after the end of the South African strike and the miners returning to work having reached a pay settlement. US GDP also shrank 2.9% in the first quarter and despite some poor economic data, the gold and silver price closed lower on Wednesday.'
16:00 26/06/14: Week on week performance: Gold gained 1.3% to $1,314.60; Silver jumped 3.5% to $21.01; Platinum rose 0.2% to $1,466.75 and Palladium dropped 0.5% to $830.35.
NOTES TO EDITOR
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Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did 60 years ago which is in stark contrast to the price of oil in terms of national currencies such as the US dollar.
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