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Unusual gold moves in Asian hours puzzle jittery traders
They must not yet have heard about the Bank for International Settlements and the Exchange Stabilization Fund.
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By A. Ananthalakshmi
Reuters
Thursday, November 20, 2014
SINGAPORE -- Some of the biggest price moves in gold since late October have, unusually, occurred in Asian hours and traders more accustomed to following the lead of their Western counterparts suspect a big increase in algorithmic trading may be to blame. ...
Liquidity in Asia tends to be thin until Europe wakes up but recent weeks have been different: COMEX gold futures, the busiest gold contract in the world, have suffered sharp sell-offs in Asia, sometimes sparked by the news flow or currency moves but often for no identifiable reason.
"It is unusual for Asia to be seeing these busy trading sessions," said David Govett, head of precious metals at broker Marex Spectron in London. "I have spoken to a lot of people about it and the general consensus seems to be that there is a big increase in algorithmic and high-frequency trading in this time zone nowadays as it can be quite easy to push about," he said. ...
... For the remainder of the report:
http://www.reuters.com/article/2014/11/20/gold-asia-volatility-idUSL3N0T...
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