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Gold Weekly Snapshot, Mar 4, 2024

In our new Gold Weekly Snapshot:

Gold prices finished the week just shy of $2,100 level, recorded its best weekly gains since November, boosted by FED Waller after hinting at an ‘operation reverse-twist’. See below the key highlights from our weekly gold snapshot this week:

  • Comex Gold Apr’24 ended the week higher up 2.3% at $2,095 per ounce, amid lower dollar and yields. It was the highest daily close ever for the metal.

  • Week to-Week Open Interest increased by 40,627 or 9.8% to 454,351 lots (45m ounces). 30,269 lots were added on Friday only, largest daily increase since May 2018.

  • COT report covering the week to Feb 24 shows managed money (speculators) increasing their bullish bets for a third consecutive week by 6,230 lots to 56,153 contracts. It doesn’t reflect Friday buying frenzy.
  • Call wall increased from $2,050 to $2,100 (highest gamma level) for the Apr’24 contract, which is bullish for the metal.

  • Bets for out of the money (OTM) options remain decent, judging by the skew. Implied volatility has been increasing for OTM call opTons, meaning higher demand for calls (page 3 of the report).

Download our gold weekly snapshot below. If you have any questions regarding the latest gold movements or gold investment advice don’t hesitate to reach out to our InProved analysts.

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