Dealing Desk: Gold Retains its Attractive Shine

“Better-than-expected U.S. economic data indicating a continued tightening of the U.S. labour market saw gold experience some intra-day volatility at the start of the week as it moved down to $1,228 before quickly climbing back to a weekly high of $1,243.25 on buying interest..."

Goldmoney Wealth clients have been net buying all precious metals, with gold and silver being the favoured buys this week. Clients have preferred vaults in Zurich, London, Toronto, and Singapore, and have shown less preference for the Hong Kong vault.

“Better-than-expected U.S. economic data indicating a continued tightening of the U.S. labour market saw gold experience some intra-day volatility at the start of the week as it moved down to $1,228 before quickly climbing back to a weekly high of $1,243.25 on buying interest,” said Rachel Stonier, dealing manager at Goldmoney Wealth. “As the market for gold is still very quiet and thin, the price can move suddenly on little volume; the unpredictability of Trump’s first term as president continues to cause extreme reactions and moves.”

In Europe, investors have been heading for the safe-haven appeal of both gold and silver due to uncertainty driven by doubts surrounding the French elections, questionable stability of Italian banks, and renewed speculation regarding the economic development of Greece.

Silver had a stellar start to the week, touching a three-month high of $18.17. Gold hovered around $1,236 then rocketed to $1,247 on Thursday when Treasury Secretary Mnuchin’s comments about U.S. national debt levels hammered the U.S. dollar and sparked a flurry of bond and bullion buying.

Platinum hit a weekly high at $1,014, while palladium saw a three-week high of $793; however, both metals fell lower midweek then rallied on the benefits of the weaker U.S. dollar on Thursday.

Gold and silver were the strongest performers week over week: Gold posted the largest gain of 0.7% and silver increased by 0.3%; platinum fell by 0.5% and palladium suffered a 2.1% loss.

23/02/17 16:00 – Gold: $1,249.76; Silver: $18.15; Platinum: $1,010.83; Palladium: $777.21. Gold/Silver Ratio: 68.87.



NOTES TO EDITOR
For more information, and to arrange interviews, please contact Jacquelyn Humphrey, Communications & PR Tel: + 1 647 499 6748 or email: [email protected]

Goldmoney
Goldmoney is one of the world’s leading providers of physical gold, silver, platinum and palladium for private and corporate customers, allowing users to buy precious metals online. The easy to use website makes investing in gold and other precious metals accessible 24/7.
Through Goldmoney’s non-bank vault operators, physical precious metals can be stored worldwide, outside of the banking system in the UK, Switzerland, Hong Kong, Singapore and Canada. Goldmoney partners with Brink’s, Loomis International (formerly Via Mat), Malca-Amit, G4S and Rhenus Logistics. Storage fees are highly competitive and there is also the option of having metal delivered.
Goldmoney currently has over 25,000 customers worldwide and holds over $1.6 billion of precious metals in its partner vaults.
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.

Further information:
Visit: Goldmoney.com or view our video online

 

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