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>>''There are some big volumes going through but it's not moving the price a great deal,'' one London dealer said.
''There's not been nearly as much of a move from the Americans as I was expecting, though it does seem they want to get it back near $300.00 for the options expiry on Friday,'' he said.
New York June COMEX gold options, which expire on Friday, have prompted heavy two-way interest, leaving the spot price more prone than usual to options-related moves.
Analyst Rhona O'Connell of T.Hoare & Co said recent weakness in gold was illustrated by the change in open interest on COMEX, which over last Friday and Monday's trading fell by 7,842 contracts, or four percent, predominantly in the active June contract.
''Liquidation, as opposed to short selling, has therefore quite clearly been the order of the day and the steady levels in the borrowing rates confirm this,'' she said in a daily report.<< |
