This week has seen buying across all the metals. Silver was the favourite this week, with renewed interest in platinum and palladium also.
GoldMoney's Singapore vaults continued to be the most popular vault of choice with clients selling in Switzerland.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says prices this week have been on a steady descent with almost all metals seeing a price low. This has increased incentive to our clients to purchase the metals while the price is comparatively low. The main driver for the reduction in prices is the release of the of the US Federal Reserve minutes of their latest policy meeting. In addition, the US consumer prices increased in October. Based on this positive US data, there is a continued expectancy of a rate rise in December.
A suprising jump in the price was experienced this afternoon due to a weaking US dollar as it reaches the peak of its rally.
↓Gold has been weighed down this week by news of the US Federal Reserve along with a stronger US dollar against a basket of major currencies. The gold prices had recovered slightly on Monday as markets had backed the yellow metal as a safe haven following the Paris attack on Friday evening. Gold was then seen falling to a new 5-year low on Wednesday due to the release of the US Federal Reserve policy meeting.
↑ Silver has mirrored the movements of gold this week and also experienced lower prices throughout the week as it came close to a 6-year low. Silver has been affected in the same way as gold in relation to the US Federal Reserve and positive US data.
↑ Platinum this week sunk to a 7-year low. The low prices on both platinum and palladium had reduced the incentive to scrap older cars this year. However, should there be more industrial demand for these metals along with increase in growth for autocatalysts, it could shorten the supply of these industrial metals and therefore increase demand.
↑ Palladium has tested its low after almost reaching USD530/oz.
Week on week price performances
19/11/15 16:00. Gold gained 0.4% to $1,082.71, Silver rose 0.6% to $14.33, Platinum dropped 3.0% to $850.40 and Palladium lost 4.9% to $536.08 Gold/Silver ratio: 74
NOTES TO EDITOR
For more information, and to arrange interviews, please contact Emily Cornelius, Communications & PR Tel: + 1 647 499 6748 or email: Emily.Cornelius@GoldMoney.com
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