Precious metals drift on interest rate talk currents
GoldMoney weekly market report and customer metrics
The precious metals bears are still prowling around this week, with relatively little change in prices week on week. However, as Dealing Manager at GoldMoney, Kelly-Ann Kearsey, explains, this week was similar to the last with plenty of buying by its customers, ‘We are into the holiday season now so trading is going to generally be lighter than usual, meaning any fairly large buy or sell orders will create some waves; but whilst we have seen some profit taking at GoldMoney, there are still more individual buyers than sellers.
‘All of the metals are drifting somewhat, with gold floating down to close on its 2010 levels, so that will have persuaded some to profit take. The markets are being completely dominated by US rate hike talk and, after the dollar had a slightly bumpy ride this week, it has now stabilised. This stabilisation follows news that the US economy grew at an annual rate of 2.3% in the three months to June and amid further talk from Federal Reserve Chair, Janet Yellen, that there could still be a rate hike this year.
‘As usual, the selling has been out of the UK and Switzerland, with buying going into Singapore and Canada. We’re not expecting any drama over the next few weeks as people vacate offices for their summer holidays, but the autumn could turn interesting as further rate hike speculation returns.’
Week on week price performances
30/07/15 16:00. Gold down just 0.1% to $1,092.16, Silver up 0.3% to $14.75, Platinum up 0.9% to $982.75 and Palladium up just 0.1% at $618.72.
For further information or interviews please contact Gwyn Garfield-Bennett at Direct Input. Telephone 44 (0)1534 735253 or email gwyn@directinput.je
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