This week, clients have continued to net buy silver and platinum, whilst net selling gold and palladium.
Clients have been taking advantage of the lower pricing on precious metals, particularly silver and platinum. Silver is struggling to stay above the psychological level of $16.00/oz and platinum has retreated back below $1,000.00/oz.
GoldMoney’s clients have favoured the Singapore and Canada vaults this week with less preference being shown for the London and Swiss vaults.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney said that U.S. data still continues to weigh on the precious metal prices. Today saw the release of the US May ADP employment report, which showed that employers had added 173,000 jobs; this was better than expected. Following this, the ECB has also concluded its meeting today, with the result that it will keep interest rates unchanged and expect them to remain for an extended period of time.
Platinum and palladium prices appear to have been weighed down by U.S vehicle sales and slower Chinese manufacturing data. Gold was seen turning negative on Wednesday after the US Dollar strengthened on the back of U.S manufacturing data, which has expanded for the third month. The yellow metal rebounded slightly on Thursday; however, silver is near its lowest point since mid-April.
02/06/16 16:00. Gold lost 0.9% to $1,210.64, Silver declined 1.8% to $15.97, Platinum decreased 3.1% to $960.10 and Palladium levelled 0% to $ Gold/Silver ratio: 75
Notes to editor
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