Another silver week as gold waits on the Fed
GoldMoney weekly market report and customer metrics
It was another week where silver outshone its yellow cousin amid the ‘wait and see’ ahead of the US Federal Reserve decision whether or not to raise interest rates.
Dealing Manager at GoldMoney, Kelly-Ann Kearsey, said it was quiet on the gold trading front but this was expected: “Obviously the announcement from the Federal Reserve was critical so it’s not supririsng that clients were waiting to see what happened. Good indicators for the US economy led some to believe it could be the end of record low interest rates, but on the day warnings from the World Bank and others about the fragile Chinese economic situation probably had an impact on the decision.
“The Federal Reserve statement led to a a weaker dollar and in turn gold spiked from the lower price of the day of around $1117/oz to over $1,130/oz. The price increase has continued into today.
“There will be another month of “wait and see” as Federal Reserve Chair, Janet Yellen, said that October could be the right time, however, they remained cautious taking a dovish stance.
“GoldMoney clients have retained their interest in silver, which has been the favourite metal again this week. We’ve definitely seen a lot more buying than selling across the metals, with Singapore remaining the favourite destination vault and Switzerland seeing the most sales.”
Week on week price performances
17/09/15 16:00. Gold up 0.8% to $1,117.81, Silver gained 2.0% to $14.96, Platinum down 2.1% to $961.25 and Palladium up 1.1% at $593.75. Gold/Silver ratio: 75.25
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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