Jump to navigation

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Futures          
       
more >>

We Asked Traders

We asked traders for their opinion on the launch of bitcoin futures

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

Energy demand steps back in play
Advertisement
more Volatility>>

Volatility

Volatility & opportunity in the energy sector
Daily Price Action: E-mini S&P 500
more Options>>

Options

Trading Vertical Option Spreads

Advertisement

Gold advances for first time in three days as dollar declines

By Joe Richter, Bloomberg

November 22, 2013 • Reprints

Gold futures climbed for the first time in three days in New York as a weaker dollar increased demand for the precious metal as an alternative investment.

The Bloomberg U.S. Dollar Index dropped as much as 0.2%. Buying to cover bets on lower prices also helped support bullion after the metal touched a four-month low yesterday, according to Jim Wyckoff, a senior analyst at Kitco Inc., a research company in Montreal.

“Gold prices are modestly higher on short covering and some perceived bargain hunting,” Wyckoff said in a report. “The weaker U.S. dollar index is also a bullish” factor, he said.

Gold futures for December delivery rose less than 0.1% to settle at $1,244.10 an ounce at 1:51 p.m. on the Comex in New York. Prices yesterday fell to $1,235.80, the lowest since July 9.

Bullion is set for the first annual drop in 13 years. Some investors lost faith in the metal as a store of value. Data this week showed U.S. jobless claims fell more than forecast after minutes from the Federal Reserve’s last meeting revealed policy makers expected further improvement in the labor market to warrant trimming stimulus in the coming months.

Call options entitling owners to buy gold at $3,000 by December 2015 traded 7,850 contracts yesterday on the Comex, more than triple the amount of the next most-active option, data compiled by Bloomberg show. The contract was also the most- traded option the previous day.

Gold ETP

Billionaire hedge-fund manager John Paulson, the largest holder in the SPDR Gold Trust, the biggest gold ETP, told clients this week that he wouldn’t personally invest more money in his gold fund because it isn’t clear when inflation will accelerate, according to a person familiar with the matter.

Silver futures for March delivery declined 0.4% to $19.901 an ounce in New York.

On the New York Mercantile Exchange, platinum futures for January delivery dropped 0.6% to $1,382.70 an ounce. Palladium futures for March delivery gained 0.1% to $716.35 an ounce.

Eskom Holdings SOC Ltd. said South Africa’s power system will remain constrained next week even as the utility lifted emergency restrictions that have curbed supplies to its biggest industrial clients. South Africa accounts for 72% of platinum mine supply and 36% of palladium output, according to Barclays Plc.

www.bloomberg.com

About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Related Articles
Energy demand steps back in play
Crude shoulder season blues
Crude corrects on production pop, but demand side is looming
Oil risk factors rise
Refiners work overtime as crude inventories drop
Previous
U.S. stocks, Treasuries rise on Fed; euro gains on German data
Next
Iran gold sanctions easing seen having little impact on prices
Related Terms
US Federal Reserve 8527Gold 7539Bloomberg 5254commodities 3439Metals 3359metal 3075precious metals 1733New York Mercantile Exchange 1061precious metal 869Barclays Plc 573Futures 451SPDR Gold Trust 436John Paulson 199Paulson 27Kitco Inc. 18Jim Wyckoff 12Eskom Holdings SOC Ltd. 4

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images