Back to the futures, gold and silver futures!
Precious metals traders flocked back into gold and silver futures today as the metals exhibited a stellar response to changes in the aggressiveness of the Fed's monetary policy.Market participants continue to react to Chairman Jerome Powell's speech at the Brookings Institution in Washington. Traders continue to focus on his remarks to slow the pace of upcoming rate hikes.
As of 5:01 PM EST gold futures basis of the most active February 2023 Comex contract is fixed at $1817.40, after factoring in today's largest one-day gain in two years of $57.50 or 3.27%. Although the gains in gold futures today were a combination of dollar weakness and buyers actively initiating long positions, traders bidding the precious yellow metal higher were the overwhelming and predominant reason for today's 3.27 % gain.
Spot or physical gold gained $34.30 roughly 60% of the move witnessed in gold futures. The noticeable difference in the gains of spot gold versus futures was that traders buying physical gold accounted for only $12.70 of today's $34 plus gain, with the remaining $21.60 directly attributable to dollar weakness. This is according to the KGX .
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Clearly I made a lot of mistakes, says former FTX CEO Sam Bankman-Fired | Kitco NewsIn an interview at the DealBook Summit on Wednesday, former FTX CEO Sam Bankman-Fried admits that he “screwed up” and there was a significant lack of oversight at the now-bankrupt firm.
Read more »
Global stocks on track for first back-to-back monthly gains since 2021Investors are betting that inflation has peaked and dipped back into equity markets. Read more.
Read more »
Global stocks on track for first back-to-back monthly gains since 2021Investors are betting that inflation has peaked and dipped back into equity markets. Read more.
Read more »
Investors focus on Powell's comments which put gold back into rally modeExclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
Read more »
TikTok under fire for videos glorifying Russian mercenaries fighting in UkraineStudy finds hundreds of videos on TikTok depicting members of the Wagner Group
Read more »
Markets rallied after Powell's speech, but don't expect a Fed pivot - Gary Wagner
Read more »