Dealing Desk: Trading Volume Quieted by Dull Market

Jun 2, 2017·Rachel Stonier

Goldmoney clients have been net selling all precious metals this week, with gold and silver being the most actively traded. Clients have preferred vaults in London, Singapore, and Hong Kong, and have shown less preference for the Toronto and Zurich vaults.

The summer is normally a slow period for bullion demand from primary jewelry centers, such as India, which can lead to duller market conditions for the precious metals. Trading appears subdued, as bank bullion dealers have observed incredibly low trading desk volumes over the past two weeks.

The markets widely expect the Fed to increase rates for the final time this year on June 14. Underlying support for gold is being generated by the belief that the U.S. economy is not strong enough to withstand another rate increase in 2017.

Gold started the week at $1,266 and rose to $1,269 despite a strong U.S. dollar. There was no official fixing price due to Monday’s bank holiday in London, which resulted in a quiet day for the yellow metal before it reached a five-week high of $1,273. Stock markets remain at record highs globally; with geopolitical risk lingering in the background, traders have been adding to their safe-haven positions.

Somewhat indicative of a “wait and see” attitude, silver traded in a very tight range this week; the metal opened at $17.27 and then declined to $17.22 before finding a high of $17.36. Palladium pivoted off its recent low of $750 to reach a four-week high of $822. Platinum reached a weekly low of $941, then rebounded to $952 and remained in a trading range of $939-$964.

With the exception of palladium, which gained 6.9%, precious metals were flat this week: platinum fell by 1.9%, while gold rose by 0.8% and silver gained 0.2%.

01/06/17 16:00 – Gold: $1,264.54; Silver: $17.21; Platinum: $934.50; Palladium: $824.01 Gold/Silver Ratio: 73.46


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