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
percent this year amid financial-market tumult and concerns over the
outlook 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 three-year bear market started.
Gold futures for June
delivery climbed less than 0.1 percent to settle at $1,235 an ounce at
1:45 p.m. on the Comex in New York, headed for a second day of gains.
The net-long position
in gold futures and options jumped 13 percent to 184,218 contracts in
the week ended April 12, according to Commodity Futures Trading
Commission data released three days later.
Source : Bloomberg
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