Make Kitco Your Homepage

INTL FCStone: Gold To Hold In Higher Range during July

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

Gold surged during June and likely will remain in a higher trading range during July, although the metal may not see the same explosiveness as last month, said INTL FCStone in a monthly commodities outlook. Much of the metal’s jump last month came from dovishness from the Federal Reserve, along with a decline in the U.S. dollar and Treasury yields, INTL FCStone noted. “We expect gold to trade in a higher range during July, but it will likely not see as dramatic a surge as we saw in June,” INTL FCStone said. “The recent trade accord has already had a negative impact, knocking gold back below the $1,400 mark, but we expect prices to regroup and test the June highs, with a $1,350-$1,450 range likely being in store for us. Silver and platinum – not pulled higher by the gold in June – could do a little better this month as some fund money could rotate into both these relative laggards.”

CME Group: Metals Volume Hits Record High In June

Tuesday July 2, 2019 09:55

Exchange operator CME Group reported that metals volume averaged a record 801,000 contracts per day in June 2019, up 20% from the same month a year ago. Record gold options average daily volume was up 141% to 115,000 contracts. There was record copper options open interest of 68,000 contracts on June 24. For the month, gold futures and options average volume rose 55% to 506,000 contracts, while the same for silver was up 12% to 143,000 contracts. Copper options average daily volume rose 111% to 3,300 contracts. Meanwhile, for the three-month period ending with June, metals volume averaged 633,000 contracts daily. This was up from 567,000 for the three-month period ending with May, 549,000 for the comparable period ending with April and 561,000 for the period ending with March.

RBC’s Gero: Traders Buy Price Dip In Gold Futures

Tuesday July 2, 2019 09:55

Traders quickly bought into a price dip, allowing gold to bounce the day after its biggest one-day sell-off in more than two years, said George Gero, managing director with RBC Wealth Management. As of 9:39 a.m. EDT, Comex August gold was $5.50 higher to $1,394.70 an ounce after falling by $24.40 on Monday. “Gold [was] punched a lot but big selling [was] well absorbed quickly as there is continuity to buying the big dips…,” Gero said. The metal is remaining in a new higher trading range of $1,385 to $1,450. Longer term, gold is still reacting to “coming inflation,” worries about a global economic slowdown and lower interest rates in at least 22 countries, Gero said.

Commerzbank: Silver, Platinum ETFs Post Inflows

Tuesday July 2, 2019 09:55

Inflows are occurring into exchange-traded funds for platinum and silver, reported Commerzbank. “Silver ETFs have seen inflows of 185 tonnes in the last three days of trading,” the bank said. “There has also been considerable demand for platinum ETFs. For the first time ever, their holdings exceeded the 3 million-ounce mark.”

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.