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Gold Holds Below $5,000 as Volatility Remains High, Exchange Operator CME Hikes Margins
Gold prices remained below $5,000 as volatility remains high following last week’s historic rout, with exchange operator CME Group raising margin requirements for precious metals once again.
Futures in New York ticked 0.1% higher at $4,891.10 a troy ounce and are headed for a weekly gain of 3%. Meanwhile, silver fell 4.1% to $73.56 an ounce, on track for a weekly decline of more than 6%.
“Until volatility subsides and price discovery improves, gold, and especially silver is likely to trade violently in both directions,” said Ole Hansen from Saxo Bank.