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US News Gold Price: Optimism of the futures speculators soaring

10:16  26 october  2020
10:16  26 october  2020 Source:   finanzen.net

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Gold Futures Overview. " Gold is a precious metal that has been used throughout history as both a currency and a store of value. In that aspect, gold is considered both a commodity and a currency and is used as insurance against currencies and market fluctuations.

Gold - data, forecasts, historical chart - was last updated on October of 2020. Gold is expected to trade at 1870.18 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1765.52 in 12 months time.

According to the current Commitments of Traders report by the US supervisory authority CFTC, big futures speculators in particular have become more optimistic in the week of October 20th.

Hannelore Foerster/Getty Images © Provided by Finanz.net Hannelore Foerster / Getty Images

by Jörg Bernhard

The general interest in gold futures also trended upwards in the reporting period, with the number of open contracts increasing from 553,200 to 563,000 futures ( +1.8 percent). Both big and small futures speculators have increased their net long position (optimistic market expectation). Large speculators (non-commercials) saw an increase from 240,700 to 249,600 futures (+3.7 percent), which is the highest level in three months. Small speculators (non-reportables) saw a slight increase from 44,000 to 44,500 contracts (+1.1 percent).

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Gold Price : Get all information on the Price of Gold including News, Charts and Realtime Quotes. Because of its properties, gold is also one of the most important industrial raw materials. The yellow precious metal is easily workable and conducts electricity and heat.

Commodities Analysis by Jeb Handwerger covering: Gold Futures , Silver Futures , SPDR® Gold Shares, iShares Learning from the silver price move after QE2, our readers have known for weeks that we believed the Supply Cuts Boosting Silver Miners. QE3 Speculators Driving Gold And Silver.

On Monday morning the gold price presented itself with falling prices. By around 7.40 a.m. (CEST), the most actively traded future on gold (December) decreased by 5.70 to 1,899.50 dollars per troy ounce.

Crude Oil: Significant minus at the start of the week

Rising corona numbers in the USA and Europe threaten to put a heavy strain on oil demand in the coming weeks. The announcement that Libya would soon return to producing a million barrels of oil per day after the agreed ceasefire also depressed mood. And in the USA, too, funding activities were stepped up again last week. The weekly report published on Friday evening by the US oil service company Baker Hughes on North American drilling activities showed an increase for the third time in a row. In the US, the number of oil drilling rigs has increased from 205 to 211. All in all, the negative factors clearly predominate in the oil markets at the moment.

On Monday morning, the oil price presented itself with falling prices. By around 7.40 a.m. (CEST), the next due WTI future decreased by 0.91 to 38.94 dollars, while its counterpart on Brent fell by 0.92 to 40.85 dollars.

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