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Trading volumes at online bullion dealer, GoldMoney, are up week on week, with buyers taking advantage of the current price.
Kelly-Ann Kearsey, Dealing Manager, GoldMoney, said: ‘Improved economic figures and more hopeful rhetoric coming from the Greek bailout talks, have influenced precious metal safe haven motivations.’
Kelly-Ann adds: ‘Hopes of a settlement in Greek bailout talks took gold to three week lows and then US data today showing that the number of people who filed for unemployment assistance in the US fell more than expected, took it to five week lows.’
This time last year, gold was trading around the $1,254 level, compared to today’s $1,175.06 but, Kelly-Ann says it is Platinum which has been the biggest loser overall: ‘We have seen platinum slip below its critical $1,100 level compared to this time last year when it was trading around $1,432, and of course it has been below gold for quite some time now. Last year we had the South African mine strikes underpinning prices and the Ukraine/Russia situation was also lending support to gold prices. Now, even though the ceasefire appears to be faltering it does not appear to be boosting gold’s safe haven appeal.’
The one metal which appears to have been relatively steady is Palladium, perhaps keeping interest on the back of good auto market sales. Meanwhile, the only other constant, year-on- year, is the continued flow out of UK and Swiss vaults to Singapore. Tomorrow, Friday, if the US employment report data is weak then that might put the breaks on gold’s decline, but if figures are as expected or better we could see further slippage on price.’
Week on week price performances
04/06/15 16:00. Gold down 1.0% to $1,175.06, Silver off 2.6% to $16.19, Platinum down 1.7% to $1,093.65 and Palladium down 3.7% at $752.35.
