Gold Gains to Three-Week High as U.S. Slowdown Fans Haven Demand
Thursday,03/03/2016|18:20GMTby
Bloomberg News
Gold futures reached a three-week high as weaker-than-expected U.S. factory orders and slower growth in service industries boosted demand for...
Gold futures reached a three-week high as weaker-than-expected U.S. factory orders and slower growth in service industries boosted demand for the metal as a haven.
Growth in U.S. service industries slowed for a fourth straight month in February, prompting the first job cuts in two years, according to a report by the Institute for Supply Management Thursday. The group’s employment measure dipped below the expansion threshold for the first time since February 2014. Applications for jobless claims unexpectedly climbed last week, a Labor Department report showed Thursday.
Gold rallied 19 percent this year, beating gauges in Treasuries, currencies and Equities amid concerns the slowdown in global growth will hurt the U.S. economy. That’s also fueling bets the Federal Reserve may delay interest rate increases this year, helping boost the investment appeal for bullion, which doesn’t pay yields or dividends.
“The big rally this year is drawing more interest from across the spectrum of investors, including some who haven’t been involved in the space for some time,” said Tai Wong, the director of commodity products trading at BMO Capital Markets Corp. in New York.
Gold futures for April delivery jumped 1.3 percent to settle at $1,258.20 an ounce at 1:43 p.m. on the Comex in New York. Prices reached $1,261.30, the highest since Feb. 11.
Through Jan. 5, hedge funds and other large speculators had been net-short on gold for eight straight weeks. The trend reversed on Jan. 12, and as of last week, their net-wagers on price gains reached the highest in a year, according to U.S. government data.
The bullish sentiment is also being reflected in Exchange -traded funds. Investors boosted holdings in gold-backed ETFs by 251.9 metric tons this quarter, poised for the biggest such gain since the three months ended June 2010. Holdings have been increasing after three straight years of withdrawals.
Silver, palladium and platinum also climbed
A Bloomberg Intelligence gauge of gold producers rose 2.9 percent, led by Yamana Gold Inc. and Kinross Gold Corp., which gained 6.9 percent and 6.7 percent, respectively
To contact the reporters on this story: Joe Richter in New York at jrichter1@bloomberg.net, Luzi Ann Javier in New York at ljavier@bloomberg.net. To contact the editors responsible for this story: James Attwood at jattwood3@bloomberg.net, Millie Munshi
Gold futures reached a three-week high as weaker-than-expected U.S. factory orders and slower growth in service industries boosted demand for the metal as a haven.
Growth in U.S. service industries slowed for a fourth straight month in February, prompting the first job cuts in two years, according to a report by the Institute for Supply Management Thursday. The group’s employment measure dipped below the expansion threshold for the first time since February 2014. Applications for jobless claims unexpectedly climbed last week, a Labor Department report showed Thursday.
Gold rallied 19 percent this year, beating gauges in Treasuries, currencies and Equities amid concerns the slowdown in global growth will hurt the U.S. economy. That’s also fueling bets the Federal Reserve may delay interest rate increases this year, helping boost the investment appeal for bullion, which doesn’t pay yields or dividends.
“The big rally this year is drawing more interest from across the spectrum of investors, including some who haven’t been involved in the space for some time,” said Tai Wong, the director of commodity products trading at BMO Capital Markets Corp. in New York.
Gold futures for April delivery jumped 1.3 percent to settle at $1,258.20 an ounce at 1:43 p.m. on the Comex in New York. Prices reached $1,261.30, the highest since Feb. 11.
Through Jan. 5, hedge funds and other large speculators had been net-short on gold for eight straight weeks. The trend reversed on Jan. 12, and as of last week, their net-wagers on price gains reached the highest in a year, according to U.S. government data.
The bullish sentiment is also being reflected in Exchange -traded funds. Investors boosted holdings in gold-backed ETFs by 251.9 metric tons this quarter, poised for the biggest such gain since the three months ended June 2010. Holdings have been increasing after three straight years of withdrawals.
Silver, palladium and platinum also climbed
A Bloomberg Intelligence gauge of gold producers rose 2.9 percent, led by Yamana Gold Inc. and Kinross Gold Corp., which gained 6.9 percent and 6.7 percent, respectively
To contact the reporters on this story: Joe Richter in New York at jrichter1@bloomberg.net, Luzi Ann Javier in New York at ljavier@bloomberg.net. To contact the editors responsible for this story: James Attwood at jattwood3@bloomberg.net, Millie Munshi
Clearstream to Settle LCH-Cleared Equity Contracts
FM Daily Brief: 23 April 2026
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It's Wednesday, the twenty-third of April 2026. You're listening to the Finance Magnates Daily Brief. Broker results first today: NAGA posts its first profitable quarter, and Hantec's Q1 volume hits one-point-two trillion. Also ahead: prop firm payout data and a three-hundred-million-dollar exchange deal.
It's Wednesday, the twenty-third of April 2026. You're listening to the Finance Magnates Daily Brief. Broker results first today: NAGA posts its first profitable quarter, and Hantec's Q1 volume hits one-point-two trillion. Also ahead: prop firm payout data and a three-hundred-million-dollar exchange deal.
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In this video, we review @FundedNext a proprietary trading firm offering evaluation challenges for CFD and futures traders using simulated accounts.
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She also shares a message of appreciation to the clients and community whose support made this achievement possible.
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Yusna Yusman, Head of Global Marketing, describes the night as inspiring, elegant, and full of energy.
She also shares a message of appreciation to the clients and community whose support made this achievement possible.
👉 Be part of FM Awards 2026.
#FinanceMagnatesAwards #TradingPro #Trading #Fintech #Broker #WinnerSpotlight #Shorts
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In this video, we review @deriv an online broker offering CFDs and options across a wide range of markets, including forex, stocks, indices, commodities, cryptocurrencies, and derived indices.
We cover the broker’s overall offering, including its multi-jurisdiction regulatory structure, platform ecosystem, and range of account types. We also explore key features such as product availability, funding options, and trading conditions.
Watch the full video to see if Deriv fits your trading needs.
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