Continued trend of bullion moving from west to east despite quiet week

Gold and silver ended the week on a positive note, as too did Platinum, with Palladium the loser. Gold was up 0.53% to $1236.33, silver rose 0.66% to $19.68 and Platinum gained 0.12% to $1357.84. Loser of the pack Palladium fell 2.21% to $714.82.

GoldMoney which holds 21 tonnes of gold in storage worldwide for its customers, saw a reversal of the recent trend for increased trading. After several weeks of rising trading activity there was an expected drop of 37% as the market winds down for Christmas.

GoldMoney's Head of Dealing, Roland Khounlivong said: 'Whilst we would expect a drop in activity anyway at this time of year, investors are also waiting for the FOMC announcement next week which may account for some of the buyers/sellers waiting on the sidelines.

'There was more selling than buying of gold and silver this week, particularly the former. We also recorded a continuation of the trend we have seen in recent months for customers to move holdings out of Switzerland and into our eastern vaults, most notably Singapore. This move is being made against a backdrop of increased interest in the east for bullion against waning Western demand.'