Want some futures trading education on how the price of gold contracts can be impacted by physical demand for the metal?
Gold scheduled for June delivery was up 1.7 percent at $1,473.70 an ounce at 1:46 p.m. on the Comex in New York, according to Bloomberg. The increase represented the largest one-day gain for a most-active contracts since April 25.
This came after data provided by the government of Hong Kong on May 7 indicated that the city's gold imports surged by more than 100 percent to reach their highest level on record during the month of March, the media outlet reports.
In addition, a factor that was cited as potentially impacting contracts for the price of the precious metal was the depreciation of the U.S. dollar relative to the 17-nation euro, according to Reuters.
"Indian physical demand is also strong and the combined response by consumers and retail investors to the plunge in prices since mid-April is absorbing a portion of the liquidation in the gold-exchange traded funds," James Steel, chief precious metals analyst at HSBC, told the news source.
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