Gold Silver Reports – ✅ Sleepy Gold Market Is Woken Up by Flurry of Trades — On a day when blizzard warnings blanketed the U.S. east coast, gold trading in New York got off to a stormy start.
Gold Market Is Woken
In the 15 minutes ended 8:30, gold-futures volume spiked on the Comex in New York, with contracts equal to more than 2.8 million ounces of the metal changing hands. That’s almost eight-fold the 100-day average volume for that time of day.
Bullion futures for February delivery extended losses as trading surged. The moves coincided with the release of a report showing companies in the U.S. added 250,000 to their payrolls in December, the most in nine months. A stronger labor market strengthens the case for higher borrowing costs, which curb the investment appeal of non-interest bearing gold. The metal pared losses as volume began to return to normal.
“When an order that size comes in early on a morning with light volume, it can change the technicals, which can disrupt algos and trigger stops and limits,” Bob Haberkorn, a senior market strategist at RJO Futures in Chicago, said in an email. “As the day goes on, I do think you will see a more normal market.”
Bullion futures for February delivery rose less than 0.1 percent to $1,319.30 at 10:42 a.m. in New York. By that time, aggregate volume was just 34 percent above the 100-day average for this time. – Neal Bhai Reports
