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MTECHTIPS:-Gold surges to highest level since June as investors flock to safe-haven

Tuesday, February 9, 2016 1:56

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MTECHTIPS:-Gold surges to highest level since June as investors flock to safe-haven

Gold surged more than 3% at session-highs on Monday, rising to its highest level since June, as investors piled into the safe-haven asset amid a continuing rout in major banking stocks throughout the world. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a broad range between $1,164.60 and $1,199.50 an ounce, before settling at $1,195.50, up 37.80 or 3.27%. At one point on Monday, gold reached its highest level since June 19, the last day it traded above $1,200. The precious metal has closed higher in five straight sessions and six of the last seven, soaring by nearly 7% over the last week. More broadly,gold futures are up by more than 12% since early-December when they fell to a six-year low. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,222.60, the high from May 18. A host of stocks among prominent European financial firms, including Deutsche Bank(DE:DBKGn) AG NA O.N. (N:DB), Commerzbank (DE:CBKG), HSBC Holdings PLC (N:HSBC) and BNP Paribas SA (PA:BNPP), plummeted anywhere between 3 and 7% on Monday, amid mounting concerns on the impact of negative interest rates and persistently low oil prices. Several days after soaring more than 8% last Wednesday on hopes of a dramatic reduction in OPEC and non-OPEC production, crude slipped back below $30 a barrel, applying further pressure on banks and the high-yield market. Last month, JPMorgan Chase & Co (N:JPM), Citigroup Inc (N:C) and Wells Fargo & Company (N:WFC) all warned that they could incur credit losses in the range of hundreds of millions in oil and gas loans later this year if oil prices continued to weaken. In Europe, the sell-off in bank stocks dragged down the major indices, as the ALPS STOXX Europe 600 (N:STXX), France CAC 40 and Recon Capital DAX Germany (O:DAX) all fell by more than 3% on Monday, pushing the overall indices to their lowest levels in 16 months. It came as the cost of insuring the subordinate debt of European financial firms jumped by more than 12% on the session to its highest level since April 2013. The cost of insurance for both subordinate and senior debt for European banks has skyrocketed more than 40% in the last week.

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