Gold Silver Reports — Gold swung between gains and losses Monday as a selloff in oil and advances in equities left investors contemplating the metal’s appeal as an alternative asset.
Negotiations in Doha between OPEC members and other oil producers ended without an agreement to limit supplies, a diplomatic failure that threatens to renew a rout in prices and boost gold’s appeal as a haven asset. Equities gained amid better-than-forecast earnings from Morgan Stanley and Hasbro Inc.
Gold has climbed 16% this year amid financial-market tumult and concerns over the Report for global economic-growth. Money managers increased their wagers on a price rally to the highest since 2012, taking their optimism to a level last seen before a 3-year bear market started.
“Overnight, oil was going lower and stocks were down, but the stock market has recovered all the losses,” James Cordier, Florida, said in a telephone interview. “That’s all that happened here for gold in the last hour and a half, and that’s probably justifiable for how we just moved here.”
Gold futures for June delivery climbed less than 0.1 % to settle at $1,235 an ounce at 1:45 p.m. on the Comex in New York, headed for a 2nd day of gains.
The netlong-position in gold-futures and options jumped 13 % to 184,218 contracts in the week ended April 12, according to Commodity-Futures-Trading-Commission data released 3 days later.
Assets in exchange traded-funds backed by gold increased for the 1st time in three days on Friday, rising 5.3 metric tons to 1,765.3 tons, Investors have increased holdings by 21 % this year.
Silver futures for May delivery slid 0.4 % to $16.253 an ounce on the Comex. — Neal Bhai Reports