This week has seen buying across most metals with silver being the buying favourite.
GoldMoney's Singapore vaults remained the most popular this week, with UK, Swiss and Hong Kong vaults seeing the most selling.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says we have seen a large drop in the prices across all the metals this week due to more positive US economic data, which has strengthened the US dollar, together with the Federal reserve news last week. In turn, our clients have responded by taking the opportunity of buying metal at prices lower in comparison to last week. This week, the market is watching Friday's October employment report, as it may give encouragement to the Fed's decision in December.
↑ Gold remains weighed down by the recent US Federal Reserve statement, alongside positive US data which has halted gold's upward momentum. The market pricing is now representative of a December rate hike and gold has reacted by decreasing by $40.
↑ Silver has experienced a volatile week after reaching lows of USD14.94/oz, following the gold price movements. The positive data from the US relating to US manufacturing data has given more strength to the USD, pushing the prices down.
↓ Platinum has weakened in price, impacted by the continued reports of the Volkswagen emissions scandal.
↑ Palladium has fallen to USD644.00/oz, being a one and a half month low this week. Declining car sales have had an impact on the price of the industrial metal together with continued reports surrounding the Volkswagen emission scandal.
Week on week price performances
05/11/15 16:00. Gold lost 3.7% to $1,106.76.00, Silver fell 3.7% to $14.96, Platinum dropped 3.8% to $950.75 and Palladium fell 10% to $602.97 Gold/Silver ratio: 74
NOTES TO EDITOR
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.
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