Volatility as precious metals await direction and news

| April 28, 2014 | 0 Comments

The short holiday week has meant a quiet trading time for British based online precious metals trader, GoldMoney.

However with mixed messages coming from the USA and the Ukraine situation, Head of Dealing at GoldMoney, Roland Khounlivong said there have been small bouts of volatility: ‘Today we saw better than expected Durable Goods Orders from the US which backs up the economic recovery story there, increasing dollar prospects and increasing selling pressure and profit taking on gold. However, we also heard news of an escalation in the Ukraine situation and immediately the gold price rose higher again on the back of hostility fears.

‘Our customers have been mostly profit taking this week, with more silver being sold off as its price held firm. Overall, there are still almost as many people buying as selling which highlights the lack of clear direction and the reactionary nature of the current market.

‘After being in the spotlight last week palladium was quiet, as too was platinum. Next week the Federal Open Market Committee will meet and it’s widely expected that another round of tapering will take place. All eyes will also be on the continuing geopolitical situation in Ukraine which could still provide a safe haven counter-balance.’

16:00 24/04/14: Performance since 16/04/14: Gold fell 0.9% to $1,289.14; Silver gained just 0.3% to $19.61; Platinum dropped 2% to $1,402.74 while Palladium shaved off just 0.1% to $797.22

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