Make Kitco Your Homepage

CME Group: July Metals Volume Rises 17% From Year Ago

Kitco News

Exchange operator CME Group reports that metals volume averaged 642,000 contracts per day in July, which was up 17% from the same month a year ago. Gold futures and options average daily volume rose 16% year-on-year to 397,000 contracts, while the same for copper increased 56% to 137,000. The three-month average was 661,000 metals contracts for the period ending with July. This was down from the previous three-month periods of 674,000 as of June, 680,000 as of May and 685,000 as of April.

By Allen Sykora of Kitco News; asykora@kitco.com

 

RBC’s Gero: Comex Gold Futures On Defensive

Thursday August 2, 2018 10:08

Federal Reserve commentary Wednesday suggesting another rate hike in September, as well as the stakes continuing to rise in a trade war, are keeping gold on the defensive, says George Gero, managing director with RBC Wealth Management. “Gold buyers will need more incentive to allocate assets [to gold] for now,” Gero says. He later adds, “So far nothing seems to deter dollar strength, keeping headwinds steady against gold.” As of 9:53 a.m. EDT, Comex December gold was $2.50 softer at $1,225.10 an ounce. The spot dollar index was up 0.239 point to 94.863.

By Allen Sykora of Kitco News; asykora@kitco.com

 

INTL FCStone’s Meir: Gold Softer But ‘Holding Up Fairly Well’

Thursday August 2, 2018 10:08

Gold is holding up despite more gains in the U.S. dollar index, says Edward Meir, commodities consultant with INTL FCStone. The greenback has a stronger tone on the day after the Federal Open Market Committee left U.S. interest rates unchanged but did nothing to dispel market expectations for another 25-basis-point rate hike in September. Meanwhile, equities are lower in early trading. “Precious metals are holding up fairly well as we suspect that gold could stabilize somewhat if the equity selling intensifies,” Meir says. As of 9:53 a.m. EDT, Comex December gold was $2.50 softer at $1,225.10 an ounce.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News