Dealing Desk: Gold’s Safe-Haven Appeal Dulled by Abated Market Fears

Goldmoney clients have been net selling all precious metals this week, with silver being the most heavily traded. Clients have preferred vaults in Zurich, Singapore, and London, and have shown less preference for the Toronto and Hong Kong vaults.

Gold declined this week as the U.S. dollar strengthened and the equity markets breathed a sigh of relief. James Comey’s testimony allayed market fears, the ECB decided to leave their benchmark rate unchanged and hinted at the possibility of extending the asset purchase program in the future, while Brexit is still set to commence on June 19 due to the result of the U.K. General Election.

Gold started the week at $1,270 and gradually declined until weaker-than-expected retail and CPI data released by the U.S. pushed the metal to $1,281; however, gold then fell to $1,253 due to the hawkish tone of the FOMC following its rate hike.

Silver also had a tumultuous week; the metal started at $17.27, declined, rose to $17.37 following the U.S. economic data release, and then dropped to $16.65. Platinum hit a ceiling at around $950 before falling by $30, while the Palladium market experienced illiquid and tight trading conditions. The metal reached $856 before spiking to a 16-year high of $915 before dropping by $30.

With the exception of palladium, which gained 2.4%, precious metals were down this week: platinum fell by 3.0%, gold dropped by 2.9%, and silver posted the largest loss at 5.1%.

14/06/17 16:00 – Gold: $1,255.22; Silver: $16.77; Platinum: $922.96; Palladium: $859.62 Gold/Silver Ratio: 74.84

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NOTES TO EDITOR
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