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Thinking interest rate increases are done, traders pile into (paper) gold
Traders Pile into Bets on Gold Price Rally
By Nicholas Megaw
Financial Times, London
Saturday, March 25, 2024
Traders are betting on further increases in the price of gold after it touched a 12-mnth high this week, as investors predict the U.S. Federal Reserve's cycle of interest rate rises is over and seek safe havens during banking sector turmoil.
Spot prices for gold this week touched $2,000 per ounce for the first time since the immediate aftermath of Russia's invasion of Ukraine. Prices slipped back after testing the level several times throughout the week, but trading in options contracts linked to the metal suggest many investors are expecting a more sustained rally in the weeks ahead.
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Financial investors generally make bets on gold prices through futures contracts, exchange traded funds, or options contracts tied to them. Aakash Doshi, head of commodities for North America at Citigroup, said there had been a surge in investor activity across all three channels in recent weeks. ...
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https://www.ft.com/content/f2fb5fe0-9c59-40ca-80d9-f536660e8f7f
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