Dealing Desk: Precious Metals Rally After Presidential Elections

by Kelly-Ann Kearsey
Gold Money

Goldmoney Wealth clients have been net buying all precious metals with gold being the favourite this week.

Clients have favoured the Switzerland and Hong Kong vaults followed by vaults in Singapore, and have shown less preference for the London vault.

“The much-anticipated U.S. presidential election increased price volatility over the past week,” said Kelly-Ann Kearsey, dealing manager at Goldmoney Wealth. “Precious metals had been trading in a downwards direction; once Donald Trump was announced as U.S. president-elect, the gold price jumped by nearly 5% to $1,337.40 – its highest in six weeks – followed by silver, which jumped 1.6% to $18.79.”

Gold and silver prices slowly retreated Thursday morning due to the rallying of Asian shares, which stabilized the U.S. dollar at its pre-election level.

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