Dealing Desk: Sunshine makes for a quiet market amid UK selling

It has been a quiet week among GoldMoney's 22,000 worldwide customers, with the summer holiday season kicking in.

There has been a low level of profit taking across all metals, and Dealing Manager at the online precious metals trader, Kelly-Ann Kearsey said it has been the UK vaults which have seen the most outflow, 'Although our buyer/seller ratio is still just slightly in favour of the buyers, all the metals have seen some sell off and there has been a continuation of the west to east flow that we have experienced for the past 18 months. The UK vaults saw the most selling, with Singapore again recording the biggest gains.

'In the wider market gold has stayed weaker, below the 1300 level, as upbeat economic figures continue to come from the USA showing the recovery is well underway. We've also seen the resulting gains from the US dollar against other major currencies.

'The geopolitical tensions from the Middle east and Ukraine are continuing to encourage some buyers into gold as a safe haven, but generally the holiday season has made for a light week's trading amid an improving worldwide economic outlook.

'Tomorrow and next week we will see some more economic data out from the USA which could reinforce the dollar's strength, and we're expecting another quiet week on the precious metals markets as is normal for this time of year with investors off enjoying the sunshine – both economic and on the beaches.'

16:00 31/07/14: Week on week performance: Gold down 0.3% to $1,286.81; Silver also fell just 0.3% to $20.45; Platinum stayed almost steady, rising only 0.2% to $1,465.24 while Palladium edged up 0.9% to $875.22.

NOTES TO EDITOR

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GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.

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