Gold and silver are now reclaiming their five year low levels. However, silver purchases are on the rise.
This is unexpected for the time of year, as many clients tell us that they consider the Indian festival of Diwali as an auspicious time to purchase gold.
Dealing manager at GoldMoney, Geoffroy Buffetrille, says that all eyes are turned on the data coming out of the US to assess the state of the US economy and, therefore, the probability of a December interest rate hike. This has lead to net selling of gold with this expectation of an increase in mind.
Better than anticipated job data has weighed on the price of metals over the past week; however, the guessing game could keep the price volatility going until the end of the year.
↓ Gold – some clients sold gold, replacing it with silver
↑ Silver – with net purchases of silver this week, clients are favouring this white metal
↑ Platinum – this week, platinum is following the buying pattern of silver
↓ Palladium – palladium rose in price this week, which may have encouraged some selling with a view to taking a profit
Week on week price performances
12/11/15 16:00. Gold lost 2.5% to $1,078.75, Silver fell 4.9% to $14.25, Platinum dropped 7.9% to $877 and Palladium rose 6.8% to $563.75 Gold/Silver ratio: 75.5
NOTES TO EDITOR
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