Exchange operator CME Group reports that metalsvolume averaged 623,000 contracts per day in the third quarter, up 2%from 611,000 in the same period a year ago. Copper futures and options averagedaily volume grew 24% to 138,000 contracts during the third quarter, while thesame for platinum rose 12% to 22,000 contracts. For the month of September,total average daily metals volume was 598,000 contracts daily, down 9% from660,000 in the same month a year ago. Platinum futures and options averagevolume was up 16% in September to 31,000 contracts.
By Allen Sykoraof Kitco News; asykora@kitco.com
Tuesday October 2, 2018 08:45
George Gero,managing director with RBC Wealth Management, says bargain hunting and shortcovering are helping push gold higher. As of 8:27 a.m. EDT, Comex December gold was $3.90 stronger to $1,195.60 an ounce. This occurred even though theDecember dollar index was up 0.266 point at 95.195. Gero notes that there ispotential for moreunforeseen political events to unfold than in previous Octobers. “Some traderscovering shorts, bargain hunters entering as well, after many months of losses[leave] unloved gold at low prices,” Gero says.
By Allen Sykoraof Kitco News; asykora@kitco.com
Tuesday October 2, 2018 08:45
With budget uncertainties surrounding Italy, Commerzbanklooks for the price of gold to rise in euro terms. The yellow metal has hit?,?1,035 per troy ounce, the bank notes. Analysts pointed out thatmanufacturing-sector purchasing managers indices in Europe were weaker thanexpected on Monday. “And for another thing, financial markets are looking withconcern towards Rome after the Italian government presented a draft budget for2019 that is seen as unviable and could be rejected by the European Commission,”Commerzbank says. “This could ignite a new crisis of confidence in the eurozone, similar to those caused by Greece in 2010 and above all by Spain andItaly in 2012, when the continued existence of the euro was seriouslyquestioned.” The gold price in euros reach its all-time high of nearly ?,?1,400per troy ounce in autumn of 2012. “In our view, these uncertainties, coupledwith the euro zone’s negative real interest rates - that is to say nominalrates minus the rate of inflation - point clearly to a rising gold price ineuros,” Commerzbank concludes.
By Allen SykoraFor Kitco News
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