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The Greek/Euro union may have been teetering on the brink this week, but the precious metals markets remained somewhat ambivalent to the situation - until Asia’s woes hit the headlines.
Head of Dealing and Settlements at GoldMoney, the online precious metals dealer, Roland Khounlivong, said gold has been surprising analysts, ‘The tensions in Europe have helped push the risky assets south, but although we’d usually expect gold to gain from its safe haven value, it was in fact dipping earlier this week, with the strength of the US dollar mostly to blame. That has now changed however with what’s been going on in Asia. Gold has jumped from its lowest level of about US$1,150 an ounce to around $1,163. The slump in Chinese stock markets, which has started spreading in Asia, has caused a reaction from the west.
‘Yesterday’s technical problems on the US stock exchange also helped increase the panic levels and sustain the gold price which leapt $14 in 24 hours. Today’s US Jobless claims showed a slightly downbeat note which has pushed a few more bargain hunters into the safe haven of gold, but we’re expecting the decision on Sunday to be the main driver of next week. Greece’s Euro fate could prompt some interesting reaction on the markets Monday.
‘GoldMoney customers have been particularly positive towards gold, with some marginal interest in platinum. The gold/silver ratio is standing at 76, showing it’s a real bargain in comparison.
‘This week we have seen more interest in our UK vaults than usual, while Singapore has been quieter.’
Week on week price performances
09/07/15 16:00. Gold up slightly 0.02% to $1,163.26, Silver off 1.66% to $15.36, Platinum down 5.09% to $1,021.74 and Palladium off 8.21% at $637.97.
