Goldmoney Wealth clients have been net buying across all precious metals with silver being the favourite this week.
There was an improvement in precious metal prices on Wednesday as they extended gains ahead of the FOMC Decision for November.
Clients have favoured the Switzerland and Hong Kong vaults followed by vaults in Singapore, and have shown less preference for the London vault.
“Gold prices rose above the psychological level of $1,300/oz which was last seen in early October,” said Kelly-Ann Kearsey, Dealing Manager at Goldmoney Wealth. “Week-on-week precious metals have been trading at a higher level as the markets awaited the FOMC decision on Wednesday along with the continued uncertainty ahead of the U.S. elections.”
Gold and silver prices have been trading higher throughout the week as the US dollar decreased to its lowest level in three weeks providing a boost for gold. On Wednesday, gold reached a spot high of $1,307/oz and silver was seen reaching a spot high of $18.73/oz which is all supported by uncertainty in the markets.
Friday will see the release of the US nonfarm payroll in which the October figure will be released. A strong employment report would give support to a rate increase which is expected in December.
We have also seen an increase in the British Pound as it received an unexpected boost. The currency rose 2% against the Euro and 1.5% against the US dollar.
Week on week, while silver has gained 3.8%, being the strongest performer of the week, followed by platinum gaining 3.2% on last week’s price. The gold to silver ratio has decreased to 71.
03/11/16 16:00. Gold increased 2.5% to $1,298.83, silver increased 3.8% to $18.26, platinum gained 3.2% to $992.75, and palladium rose 1.5% to $621.75. Gold/Silver Ratio: 71.
NOTES TO EDITOR
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