Gold futures bounce back; platinum leads rise in m
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Gold futures bounce back; platinum leads rise in metals
SAN FRANCISCO (MarketWatch) — Gold futures bounce back; platinum leads rise in metals
Gold futures climbed Tuesday, ready to recoup much of what they lost in the previous session amid support from weaker U.S. dollar and the Bank of Japan’s decision to expand its asset-purchase program.
Gold’s “finding solid support at the key $1,700 level,” said Jason Rotman, president of Lido Isle Advisors in Newport Beach, Calif. “The $100 sell-off in October was pretty steep, and I think the market is starting to remember global [quantitative easing] is not a dream, it’s a reality.”
Gold for December delivery added $3.10, or 0.2%, to $1,711.80 an ounce in electronic trading. December silver also added 18 cents, or 0.6%, to $31.92 an ounce. Although floor trading was closed Tuesday, futures prices will settle at their usual times, according to the CME Group.
Gold buyers might be more active today because the Bank of Japan announced an increase in the size of their asset purchase program,” Rotman said. The BOJ’s policy board decided to raise the central bank’s asset purchases to 91 trillion yen ($1.14 trillion) from ¥80 trillion.
Among other metals, platinum was the biggest percentage gainer, with the January contract tacking on 1%, or $14.60, to $1,548.50 an ounce. December palladium added $1.55, or 0.3%, at $591.30 an ounce. December copper traded at $3.51 a pound, up 1.5 cents, or 0.4%.
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