Dealing Desk: Investors bullish on gold’s longer term prospects

This week has seen selling across all metals, with platinum being the week's favourite metal.

Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says that prices remained strong until Wednesday, when the gold price fell as a result of a dollar surge and undecided US interest rates. She notes that expectations of more economic stimulus from China and the Eurozone are keeping investors bullish on gold's longer term prospects.

Gold prices remained strong over the past week with highs of USD1,178/oz after the previous week's highs of USD1,187/oz. As a result, GoldMoney clients were selling their metal, taking advantage of the increase in prices, which was well-timed as prices retreated back to USD 1,166/oz yesterday.

Silver prices remained steady over the week, with some clients also looking to takiethe profit on their metal this week.

Platinum has remained above the USD1,000oz level this week, with an upturn in platinum purchasing as new lows were experienced in September due to the Volkswagen scandal. News from Toyota about the future manufacture of hydrogen cars has lent support to the metal and its future uses.

Palladium, having seen highs of USD700/oz last week, has seen an increase in selling as clients look to make a profit on their metal.

Week on week price performances
22/10/15 16:00. Gold lost 1.5% to $1,167.45, Silver fell 2.2% to $15.80, Platinum gained 0.4 % to $1,002.25 and Palladium dropped 3.5% to $679.25 Gold/Silver ratio: 73

NOTES TO EDITOR
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