Dealing Desk: US Market Data and Presidential Elections adding Pressure to Precious Metals

This week, clients have been net selling gold and silver but buying platinum.

Goldmoney Wealth’s clients have favoured the Hong Kong and Singapore vaults followed by the Canadian vault this week, with less preference being shown for the London and Swiss vaults.

Kelly-Ann Kearsey, Dealing Manager at Goldmoney Wealth said that, after relatively stable pricing last week, precious metal prices have been retreating as the US Dollar gained strength throughout the week. Gold prices fell to a one-week low on Wednesday due to a stronger US dollar; there continue to be mixed views on the whether the Federal Reserve will increase its rates in December.

Risk appetite has also remained high, which could be adding pressure to the gold prices after the first US presidential debate on Monday. There are still two more presidential debates to follow before the election in November. Gold and silver temporarily edged higher on Thursday morning as the US Dollar weakened after the Organization of the Petroleum Exporting Countries (OPEC) agreed a modest oil output cut on Wednesday, which is the first deal since 2008.

In the short-term, the markets will be focusing for the most part on US economic data, as we are due to see the release of ISM manufacturing data, the September jobs figures, and the second quarter GDP figures.

Week on week, palladium was the best performer after a gain of 2.6% whilst gold, silver and platinum prices dropped. This has amended the gold to silver ratio up to 69.

29/09/16 16:00. Gold decreased 1.4% to $1,318.30, Silver dropped 4.6% to $19.04, Platinum lost 3.5% to $1,020.20 and Palladium jumped 2.6% to $712.20 Gold/Silver ratio: 69

NOTES TO EDITOR
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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.
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