Dealing Desk: Palladium Hits an All-Time High
Dec 2, 2016·Rachel StonierGoldmoney Wealth clients have been net buying all previous metals, with gold being the favoured buy this week. Clients have preferred vaults in Switzerland and Canada, and have shown less preference for the Hong Kong vault.
Goldmoney Wealth clients have been net buying all previous metals, with gold being the favoured buy this week. Clients have preferred vaults in Switzerland and Canada, and have shown less preference for the Hong Kong vault.
Gold steadily retreated to a nine-and-a-half-month low of $1,169 after opening the week at $1,189. Silver started the week at $16.58 and has remained range bound, moving only modestly to a low of $16.39. Platinum remained steady while Palladium shined, climbing to a five-and-a-half-month high of $761 before continuing the upward trend to hit an 18-month high of $770 on Wednesday.
“U.S. Dollar strength dominated the market following the release of better-than-expected U.S. Gross Domestic Product (GDP) data, supporting U.S. Fed rate hike bets. With the market anticipating a 98.6% probability* of a rate hike on December 14, gold faces renewed selling pressure,” said Rachel Stonier, dealing manager at Goldmoney Wealth. “OPEC’s decision to cut production caused oil prices to soar on Wednesday and increased the possibility of upward inflationary pressure, which could improve the long-term outlook for gold.”
Gold should be supported not to dip below $1,131.30 or rise higher than $1,210.20. Silver finds and holds support at $16.35 with resistance at $16.84.
Palladium remained the strongest performer week over week, gaining 4% on last week’s price, while other precious metals decreased; gold posted a 4.8% decline, platinum fell by 4.3%, and silver suffered a 3.2% loss. The gold to silver ratio has decreased to 71.
01/12/2016 16:00. Gold: $1,168.90; Silver: $16.46; Platinum: $904.44; Palladium: $754.85; Gold/Silver Ratio: 71.
*Source: CME Group
NOTES TO EDITOR
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