Gold inches up while Royal Mint launches platinum range

One of the new “Queen’s Beasts Lion of England” platinum coins set to launch this week. Photo from The Royal Mint Press Office 

Spot gold inched up 0.3% to $1,232.45 per ounce at 0726 GMT, floating above the 100-day moving average, according to Reuters.

Factors that contributed to slight price rise include poor US economic data and increased fears over North Korea’s military intentions following a missile test.

US data showed a smaller-than-expected 0.4% increase in April retail sales compared to the previous month, and also included a disappointing report on consumer prices. Reuters quoted Argonaut Securities analyst Helen Lau, who commented that “the data seems to be pointing to a weakening trend [in the US economy]. Based on what we have so far, unless there is more stronger data, more than two [US] rate hikes are not very likely”.

Today marks the start of London Platinum week, an event marked by the Royal Mint’s foray into the lesser-known metal. Investment-grade bullion platinum coins and bars can now be purchased on their online trading platform.

Since the ninth century, the Royal Mint has dealt in gold and silver products, with an expansion in their metal range hinted at last December when they announced a partnership with the World Platinum Investment Council.

CityAM quoted Chris Howard, the Royal Mint’s director of bullion as saying “the introduction of platinum to our portfolio is the next logical step for the Royal Mint and increases the choice available to our customers, supporting our ambition to be recognised as the home of the ‘complete bullion solution’”.

Some of the products to be retailed over the coming weeks are 100g, 500g and 1oz platinum bars, in addition to a 1oz “Queen’s Beasts Lion of England” coin.

The royal mint joins the US Mint in producing platinum bullion, despite being over 900 years its senior.

Bitcoin is down to $1724.96 at 09:50 GMT today on the XBX index, following a recent stint above $1,800s. This comes in the wake of numerous ransomware attacks on NHS systems, where data was encrypted and bitcoin was demanded as a form of payment to unlock files.

Associations between bitcoin and criminality, owing to its anonymous features, often cause a price drop as investors question its legitimacy.

Link to this article: : http://www.goldmadesimplenews.com/gold/gold-inches-up-while-royal-mint-launches-platinum-range-13143/

Posted by on May 15 2017. Filed under Gold News, Markets. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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