RBC's Gero: gold eases on profit-taking as investors seek 'other opportunities'
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(Kitco News) - Comex gold has been softer so far this week as investors look at “other opportunities” for the moment, particularly with unrest in the U.S. calmer and the reopening of businesses globally after pandemic-related shutdowns, said George Gero, managing director with RBC Wealth Management. Stock-index futures are continuing their rise in electronic trading ahead of the open on Wall Street. Meanwhile, Comex August gold is $2.90 lower to $1,731.10 an ounce after falling by $17.70 during the first two days of the week. “Risk appetites increased so [there is a] temporary setback for metals,” Gero said. Preliminary data for Tuesday show that the number of open positions in Comex gold and silver fell on a day when prices also declined, with Gero reporting continued profit-taking in gold. Looking forward, however, Gero said he looks for gold to bounce again next week due to a weak U.S. jobs market, worries about the U.S.-China trade war, and other economic and political headlines.