CME Group: July Metals Volume Rises 17% From Year Ago
Exchange operator CME Group reports thatmetals volume averaged 642,000contracts per day in July, which was up 17% from the same month ayear ago. Gold futures and options average daily volume rose 16% year-on-yearto 397,000 contracts, while the same for copper increased 56% to 137,000. Thethree-month average was 661,000 metals contracts for the period ending withJuly. This was down from the previous three-month periods of 674,000 as ofJune, 680,000 as of May and 685,000 as of April.
By Allen Sykoraof Kitco News; asykora@kitco.com
RBC’s Gero: Comex Gold Futures On Defensive
Thursday August 2, 2018 10:08
Federal Reserve commentary Wednesday suggestinganother rate hike in September, as well as the stakes continuing to rise in atrade war, are keeping gold on the defensive, says George Gero, managingdirector with RBC Wealth Management. “Gold buyers will need more incentive toallocate assets [to gold] for now,” Gero says. He later adds, “So far nothingseems to deter dollar strength, keeping headwinds steady against gold.” As of9:53 a.m. EDT, Comex December gold was $2.50 softer at $1,225.10 an ounce. Thespot dollar index was up 0.239 point to 94.863.
By Allen Sykoraof Kitco News; asykora@kitco.com
INTL FCStone’s Meir: Gold Softer But ‘Holding UpFairly Well’
Thursday August 2, 2018 10:08
Gold is holding up despite more gains in theU.S. dollar index, says Edward Meir, commodities consultant with INTL FCStone. The greenback has a stronger tone on the day after theFederal Open Market Committee left U.S. interest rates unchanged but didnothing to dispel market expectations for another 25-basis-point rate hike inSeptember. Meanwhile, equities are lower in early trading. “Precious metals areholding up fairly well as we suspect that gold could stabilize somewhat if theequity selling intensifies,” Meir says. As of 9:53 a.m. EDT, Comex December gold was $2.50 softer at$1,225.10 an ounce.
By Allen SykoraFor Kitco News
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