NY gold finds footing at $380 amid options focus

Newswire

NEW YORK, Oct 29 (Reuters) - COMEX gold rebounded off the $380 an ounce psychological level Wednesday, with hedging against expiring cash options dominating early gyrations before short covering took over in the afternoon, dealers said. In the run up to the monthly expiration of over-the-counter options in the morning, adjustments of dealer "delta hedge" positions knocked spot prices down to $380 an ounce, a popular option strike price. "Generally, what happens is we'll gravitate to one ...

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