Gold Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Gold Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Gold Futures: Gold May Climb as First Monthly Drop Since March Spurs Investors' Demand Jul 27th, 2010 Gold futures, little changed in New York, may gain on speculation that the first monthly drop in prices since March will spur physical demand. Platinum climbed to a four-week high. Gold bullion is down 4.6 percent this month and futures yesterday dropped as low as $1,182.40 an ounce. They fell to an eight-week low of $1,175.10 on July 20. Holdings in the world’s biggest gold-backed exchange-traded fund yesterday slid to the lowest level since June 9. “For the past two or three weeks, we’ve seen good buying in the physical market” at current prices, said Walter de Wet, an analyst at Standard Bank Plc in London. Still, “if gold doesn’t move higher, physical buyers will probably adjust their expectations lower.” Gold futures for December delivery slipped $1.70, or 0.1 percent, to $1,185.30 an ounce at 8:22 a.m. on the Comex in New York. The metal for immediate delivery in London was 0.1 percent lower at $1,182.50. Gold bullion was little changed at $1,184 an ounce in the morning “fixing” in London, used by some mining companies to sell output, from $1,183.50 at yesterday’s afternoon fixing. Gold futures are up 8.4 percent this year and set a record $1,266.50 an ounce on June 21 as investors sought to protect their wealth against the European debt crisis and on concern that the global economy may slow. Most European banks passed stress tests designed to show their ability to withstand a financial crisis, lenders and regulators said July 23. Gold ‘Bumpy’ Prices“Gold futures prices are likely to remain bumpy” in coming weeks, Tobias Merath, head of commodity research at Credit Suisse Group AG, said by phone. While some bullion holders are selling the metal to lock in gains, “at the same time, more longer-term- orientated investors are now slowly returning to the market,” he said.Assets in the SPDR Gold Trust, the biggest ETF backed by bullion, declined 0.3 metric ton to 1,301.74 tons yesterday, according to the company’s website. Global bullion ETF holdings are up by 219,000 ounces so far this month, heading for the smallest gain since February, after climbing 4.77 million ounces in May, UBS AG analyst Edel Tully said today in an e-mailed report. Assets expanded by 273.8 tons (8.8 million ounces) in the second quarter, the second-largest quarterly inflow ever, the World Gold Council said in a report today. “Over the course of last week, ETF investors liquidated 397,000 ounces, marking the most severe weekly selloff since the beginning of January,” Tully said. “Current sentiment toward gold is decidedly unsure and cautious.” Silver futures for September delivery in New York added 0.1 percent to $18.22 an ounce. Platinum for October delivery gained 0.5 percent to $1,564 an ounce, the highest price since June 29. Palladium for September delivery was 0.5 percent higher at $477.50 an ounce. - Nicholas Larkin in London and Kyoungwha Kim in Singapore at Bloomberg. Click here for your Free Gold Futures Trading eGuide |
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