Dealing Desk: Buyers speculate and hedge their bets

A busy week on the economic news front has led to a busy week in the precious metals markets.

Kelly-Ann Kearsey, Dealing Manager said: 'We've had more buyers than sellers contacting us this week, with gold more popular than silver and there's also been some interest in platinum.

'We saw some speculation ahead of the Federal Open Market Committee meeting (FOMC), and the Fed's more dovish stance on rate rises has given some support to gold, boosting it above the $1200 threshold. The continued stalemate in Greek debt talks is also causing some to look for safe haven territory. There has been the usual pattern of selling out of the UK and Switzerland, with the buying going into Singapore and Hong Kong.

'Platinum interest is rising due to the precious metal languishing at the lowest prices we've seen since May 2009, but silver, though volatile, has had a positive week with the gold/silver ratio remaining above 70.

'Over the next week we have a raft of US economic figures due, plus tomorrow's quadruple witching (quarterly market index futures, options and stock options and futures expiring), which will no doubt all influence prices and activity over the next few days.'

Week on week price performances
18/06/15 16:00. Gold up 2% to $1,201.86, Silver up 2.7% to $16.35, Platinum down 1.7% to $1,082.00 and Palladium down 2.4% at $721.50.

NOTES TO EDITOR
For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]

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