The gold market this last week has gone through a variety of ups and downs. As a result of widespread concern about future global economic growth, the gold market received a boost at the start of the week from demand pressure, as investors sought the traditionally more reliable gold markets over other potentially less stable stocks and shares. Such demand saw the gold price reach a six-week high. However, the gold market suffered shortly afterwards as both the US dollar and the stock market gathered strength, putting an end to the rising trend seen over the last two weeks. This week began with gold opening at 1237.75 USD/oz, but closing at 1230.7 USD/oz, falling 0.59% over the seven-day period. The highest price seen over the last week was a peak at 1254.86 USD/oz, with the lowest at a trough of 1226.17 USD/oz.
In other news, this week also saw the holding of the Beijing International Coin Expo which ran from the 24th – 26th October, during which the 2015 Panda series was officially announced by the People’s Bank of China – a planned publicity move by the organisers designed to draw more attention to both the Expo itself as well as the new Panda coins.
On the Mainland, both internet sales and the usually bustling coin markets suffered under the influence of the Expo, as with attention focussed intensely on the Expo, many vendors did not turn up to trade, and potential buyers were also somewhat scarce. Data online is correspondingly thin, with only one significant development. The 2010 1 oz silver Panda has seen a steady increase in both price and activity, with many deals being reached across an uncharacteristically broad range of prices.