Gold forged ahead this week, boosted by a weak dollar and rising tension in Iraq re-igniting safe haven concerns.
Dealing Manager at GoldMoney, Kelly-Ann Kearsey said: 'We saw a net sell on gold among our customers this week, although only slightly, as they took advantage of the rising prices and took profit, but others bought amid geopolitical fears. There was also buying interest in platinum as the South African miners strike took a step back. Having thought the end to the strikes was in sight, the unions have now made further demands raising concerns over supply levels.
'The interesting trend among our customers was a big inflow again into Malca-Amit, Singapore and a significant decrease in our vault in Switzerland. This trend of shifting gold from the west to the east has been in play for some time now and we see no sign of it abating.
'The Federal Open Market Committee meeting didn't have much impact on the market, but as the geopolitical risks in Iraq and Ukraine continue, we could see some interesting moves on the gold market in the coming weeks. 'Overall gross trading volumes were around 7% lower from last week, although we'd seen some big jumps in trading in the previous two weeks. There were still more buyers than sellers and silver kept its volatility crown by showing the biggest percentage gains in the week. 'Next week we have US Gross Domestic Product figures and Durable goods which will provide further signposts for where the US economy is heading.'
Week on week performance: Gold gained 2.0% to $1,298.00; Silver jumped 4.4% to $20.29; Platinum rose 1.7% to $1,463.60 and Palladium added 1.2% to $834.55.
NOTES TO EDITOR
GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.
GoldMoney has offices in London, Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.
Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did 60 years ago which is in stark contrast to the price of oil in terms of national currencies such as the US dollar.
GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.
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