Sign up Australia
Proactive Investors - Run By Investors For Investors

Gold trading sideways as equities soar

A couple of hours into US trading spot gold was US$7 higher at US$1,341
picture of gold bars
Gold was steady

Gold edged upwards though the new record highs for US equities largely kept investors occupied.

'The market started under pressure and as is so often the way, moved higher, catching day participants short,' said Marex Spectron.

“However, the brief rally ran out of steam and we find ourselves back where we started. As I said yesterday, gold feels tired and with the market long, I think we move lower and would sell rallies from here”

It was a good day for the World Gold Council and the London Metal Exchange (LME) to launch their new exchange-traded and centrally-cleared trading platform.

The aim is to boost liquidity in London across the range of precious metals starting with gold and the new platform 'LMEprecious' will be developed to accommodate teh way trading is changing.

Aram Shishmanian, the World Gold Council’s chief executive, said the move would strengthen London’s position in the global gold market and enable it to meet the needs of all participants, attract new players and satisfy the highest standards of regulatory compliance.

Spot and futures contracts for gold and silver will be introduced in the first half of 2017, with platinum and palladium to follow at a later date.

A couple of hours into US trading, spot gold was US$7 higher at US$1,341, silver added a few cents to US$19.83 and platinum was US$5 better at US$1,152.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use