Standard Chartered: Gold Sought As Safe Haven Ahead Of U.S. Midterms
Standard Chartered says gold hasreasserted its safe-haven status ahead of U.S. midterm elections next week andin response to October weakness in the stock market. Any further weakness instocks would bode well for gold prices, the firm says. “Although the largestgold-buying festival is a major event in the gold calendar, demand leading upto Diwali [festival in India on Nov. 7] has been weaker than normal,” Standardsays. The bank looks for demand to firm, especially if prices in India tradenear the key level of 30,000 rupees per 10 grams. “But external factors remainkey and gold investors are likely to focus on macro events, ranging fromnon-farm payrolls [released Friday morning], the FOMC meeting [next week] andthe U.S. midterm elections,” Standard says. “If President Trump loses supportand the USD [U.S. dollar] weakens, retail investment demand is likely to pickup, providing a more solid floor for prices, and potentially a tailwind.”
By Allen Sykoraof Kitco News; asykora@kitco.com
CMEGroup: October Metals Volume Inches Higher From Year Ago
Friday November 02, 2018 09:11
Exchangeoperator CME Group reports that metals volume averaged 571,000contracts per day in October, which was up 1% from 565,000 in thesame month a year ago. Among the highlights was record copper options openinterest of 37,000 contracts on Oct. 24. For the month, futures andoptions average daily volume in copper rose 5% year-on-year to 116,000contracts. The same for gold grew 43% to 54,000 contracts. The rollingthree-month average for the period through October was 598,000. This was downfrom 623,000 for the three-month period ending with September, 644,000 for theperiod ending with August and 661,000 for the period ending with July.
By Allen Sykoraof Kitco News; asykora@kitco.com
INTL FCStone: Platinum, Palladium RallyWith Base Metals
Friday November 02, 2018 09:11
Platinum group metals are stronger despitea softer tone in gold so far Friday. As of 9:06 a.m. EDT, spot gold was down$2.20 to $1,230.70 an ounce. “However, we are seeing gainsin platinum and palladium, with both moving higher in sympathy with a firmerbase-metals complex,” says Edward Meir, commodities consultant with INTLFCStone. Platinum was up by$3 to $861, while palladium was up $13 to $1,095. Meir notes that “we are seeing more euphoria in the markets, again building onyesterday’s trade theme, with Bloomberg reporting that President Trump hasasked key officials to begin drafting potential terms for a deal with Chinaahead of his meeting with the Chinese. Base metals are teeing off this storyand pushing higher more than most other markets.”
By Allen SykoraFor Kitco News
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asykora@kitco.com 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.