This week has seen net buying in both gold and silver, with platinum and palladium experiencing some selling. GoldMoney’s Singapore vaults have continued to be the most popular this week alongside our Canadian vault, which has received renewed interest from clients. Sell orders have been seen mostly in the Swiss vault this week.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says that this week we have continued to experience a vollitile market. While last week saw the rise of gold to over USD1,100/oz, this week has seen gold trading between USD1,080.00/oz and just below USD1,100.00/oz. There has been a similar effect with silver trading between USD 13.75/oz and over USD14.00oz.
Both gold and silver prices have been put under pressure due to the recent stabilization of the Chinese stock markets in which they have tested their levels of resistance. This has been offset by the safe haven demand that has supported the metals due to continued tensions in the Middle East. This has also been supported due to a falling global equity market and weakness in the US Dollar, which fell against a basket of major currencies.
This post was published at GoldMoney on JANUARY 14, 2016.
Follow on Twitter
Recent Comments