by Alasdair MacLeod
Gold and silver moved sideways over the week with little change. In morning trade in Europe gold traded at $1576, up $5 from last Friday’s close, and silver at $17.70, unchanged on the week. In gold futures, turnover was light until yesterday, in a week of growing uncertainty over the coronavirus, now renamed COVID-19.
Yesterday, there was a jump in Comex gold options trading on the back of a firming market, when gold looked technically placed for a bullish move. Volume expanded to 104,354 options, compared with 37,000 typically. On examination, the activity was in October calls, striking at $1650, $1750 and $1775, with open interest rising by 16,102 contracts. Furthermore, there was an 8,000 contract March 2021 $1850 call taken out.