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Golden week for precious metals

Singapore has, as usual, been the favourite vault of choice for customers, with some interest in Canada, but it’s not been all gold’s glory. Silver has also done well and platinum is back up over its thousand dollar level.

August 21, 2015 4:03 IST | India Infoline News Service

Precious metals have had a positive week and GoldMoney Dealing Manager, Kelly-Ann Kearsey said there’s been buying across the board, “We have seen an increase in both value and volume trading which is particularly unusual for this time of year. Even more positive is the fact we have also noticed customers funding their holdings which means they are preparing to purchase as well, proving this might be more than just a week long bull run.
 
“The US Federal Reserve’s caution with regard to when it might put up interest rates has hit the dollar this week, and that combined with the continued economic woes in China has pushed investors towards the safe haven of gold in particular. We know that whenever we see a boost in the gold price customers tend to start taking more interest in the metal again and look to buy in as part of the upward trend.
 
“Singapore has, as usual, been the favourite vault of choice for customers, with some interest in Canada, but it’s not been all gold’s glory.  Silver has also done well and platinum is back up over its thousand dollar level.
 
“All in all, an unusual week for the middle of the summer holidays, but indicative of the jittery nature of the markets as the final proof of economic turnaround fails to materialize in the USA and China struggles to regain control of its slowing economy.”

Week on week price performances

20/08/15 16:00. Gold up 5.5% to $1,149.03, Silver up 5.5% to $15.46, Platinum up 8.1% to $1023.75 and Palladium up 2.8% at $615.50. Gold/Silver ratio: 74

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