The gold market has had a relatively quiet week, nevertheless, GoldMoney has seen some significant purchases from its customers.
Dealing Manager at the online precious metals trader, Kelly-Ann Kearsey said the yellow metal has definitely been the most popular: 'Over the past week, we've seen an increase in buyers with our most popular vault Via Mat, Switzerland.
'Throughout the week the buying has mainly been safe haven motivated as events in the Ukraine and in Gaza have escalated. This morning's drop of gold below its 1300 support level shows that the general market's worries have eased, and good economic data has been one of the catalysts.
'Strong Chinese manufacturing data has helped this morning, while on the 22nd, the USA Consumer Price Index figures showed inflation is creeping up as the economy becomes more durable. The US dollar has also strengthened since the beginning of July as the Federal Reserve Bank is on course to end its bond purchasing by December. This has resulted in investors becoming more optimistic about the dollar as the American economy appears to be recovering faster than expected.
'We haven't seen a reaction from our customers yet to today's drop in price below 1300, but it could prompt some bargain hunting over the coming week if the price stays lower.
'Summer is always quieter for the majority of the precious metals, but the safe haven worries aren't far away as the geopolitical issues continue. We will have US GDP figures out next week, as well as the employment situation and the Federal Open Market Committee meeting announcement, which might provide further direction for the gold price.'
16:00 24/07/14: Week on week performance: Gold down 0.9% to $1,290.70; Silver continued its slide, falling 1.2% at $20.51; Platinum slipped 1.9% to $1,462.90 while Palladium edged down 1.4% to $867.72.
NOTES TO EDITOR
For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]
GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.
GoldMoney currently has over 22,000 customers worldwide and holds $1.4billion of precious metals in its partner vaults.
GoldMoney has offices in Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.
GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.
Follow the GoldMoney Dealing desk team on Twitter: @goldmoneyupdate