Gold

Record trading day for gold

November 10, 2016 at 08:49

truthing

Gold had its heaviest-ever trading day as investors rushed to havens on concern Trump’s presidency will upend decades of U.S. economic and foreign policy. More than 780,000 futures changed hands by 2:30 p.m. in New York, surpassing the volume on June 24 after Britain decided to leave the European Union, based on data using the most-active Comex contract. That’s more than four times the 100-day average volume at this point in the trading day, according to data compiled. The previous volume record was on April 15, 2013, when gold had its biggest slump in three decades after entering a bear market three days earlier. Brokers will earn more commission from more people w...

Black money crackdown spurs gold price to 3-yr high

November 10, 2016 at 08:42

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Indian gold prices touched a three-year high in Delhi as people flocked to jewellery stores since last night when the government made R500 and R1,000 notes invalid as legal tender. The sudden move by the government raised the appeal of the precious metal. Some jewellers said they had to keep the stores open until late night to cater for demand. He said prices effectively shot up to that level because people exchanged R500 and R1,000 notes even for lower value while buying the precious metal. It’s believed that some people may have offloaded a portion of stashed cash to buy gold last night, fearing a hardening of crackdown on black money in the coming days. Gitanj...

Gold has a Brexit rally

November 9, 2016 at 08:39

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Gold jumped nearly 5 percent on Wednesday to its strongest in six weeks as investors snapped up safe havens with Republican Donald Trump winning the race for the White House over Democrat Hillary Clinton. It marked gold's biggest single-day gain since June 24 when it rose as much as 8 percent when Britain decided to leave the European Union. It closed up 4.8 percent that day. Gold jumped nearly 5 percent on Wednesday to its strongest in six weeks as investors snapped up safe havens with Republican Donald Trump winning the race for the White House over Democrat Hillary Clinton. It marked gold's biggest single-day gain since June 24 when it rose as much as 8 percen...

A Trump Fillip for Gold

November 9, 2016 at 08:34

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Donald Trump's favorite metal is loving the election result. Spot gold is up as much as 4.8 percent on the day. That's the sort of increment precious-metals traders can usually expect to see less than once a year. It's now occurred three times in 2016.Gold rarely moves more than about 1 percent in a day, and it's only shifted more than 4 percent on 13 occasions since the start of 2000. Five of those events happened over a four-month period at the peak of the global financial crisis. The question for traders at this point is not so much what happens immediately, but whether the metal will hold or lose its gains as investors get a better handle on the political state ...

Gold: The key trends

November 8, 2016 at 16:06

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Gold has long thrived on bouts of uncertainty and right now markets have uncertainty in spades. The Brexit vote in Britain, the prospect of Donald Trump as US president and a raft of elections due in Europe next year have all pushed investors to ramp up their holdings of the precious metal. That strong demand for gold – seen as a safe haven in troubled times – has sent its price soaring on world markets this year. But while big investors like pension funds stock up, individuals who fancy their own little pot of gold for a rainy day have been priced out of the market. Investment demand for gold was up 44% in the third quarter on a year earlier, dominated by demand fr...

What will the US election mean for gold?

November 8, 2016 at 15:51

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It looks like it’s going to be Hillary. At least, that’s what the markets decided, in the wake of the FBI announcement that her emails showed no criminal wrongdoing. Both the Dow Jones and the S&P 500 were up 2%, the dollar was up 1% and gold took a 2% slap in the face. The world isn’t going to end. Business will be as usual. The status quo will prevail. Really? Not sure. But what I’m thinking about is the outlook for gold in all this… A Trump victory would be good for gold The question we’re all wondering now is whether we’re going to see a Brexit-type upset in the US election. We’ll know the answer to that by tomorrow. Yesterday’s markets told...

Chinese holiday spurs Gold drop

October 7, 2016 at 13:40

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Gold continues to drift lower following Tuesday's crash through the $1,300 an ounce level to its lowest since June, before the Brexit vote lit a fire under the metal. December futures trading on the Comex market in New York touched a low of $1,255.10 an ounce, the sixth down day in a row. Gold's leg down is being blamed on looming interest rate hikes in the US which boosted the dollar (the gold price usually moves into the opposite direction of the currency) and speculation of a scaling back of the European Central Bank's $10 billion a month bond purchase program. Expectations of a normalization of the interest rate environment and higher returns on government bo...