Goldmoney Wealth clients have been net buying all precious metals this week, with gold being the most actively traded. Clients have preferred vaults in Singapore and Toronto, and have shown less preference for the London vault.
Political uncertainty in Washington was a major driving factor of the gold price this week. President Trump’s dismissal of FBI director James Comey raised fresh concerns regarding his ability to push pro-growth policies forward, further casting doubt over his capacity to get legislation through congress in support of his aggressive economic agenda.
The news had a destabilizing effect and risk aversion led to movement away from riskier asset classes as traders piled into treasuries and gold. The weak U.S. dollar index, hitting its lowest levels since November 2016, created buying interest in gold at $1,249. Gold then went on to hit a high of $1,260 as equities continued to fall.
Silver also benefitted from safe-haven demand and rose up to $17.07. It did not maintain at that level as continued political uncertainty resulted in a copper sell-off, which can impact the silver price.
Palladium hit a ceiling of $820 on Monday before losing $20 almost instantly and continued down to below $770. Platinum recovered from recent lows to reach $946 but has since been unable to maintain this price level.
With the exception of palladium, which fell by 4%, precious metals gained this week: gold rose by 2.3% while silver and platinum both increased by 2%.
18/05/17 16:00 – Gold: $1,253.55; Silver: $16.61; Platinum: $934.03; Palladium: $770.11 Gold/Silver Ratio: 75.46
NOTES TO EDITOR
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