Interactive Brokers launches US Spot Gold trading

Karthik Subramanian

Interactive Brokers Group, a global brokerage firm, has announced the launch of spot trading in US Gold which would give an opportunity for the traders in US to trade gold at as less a quantity as one ounce at a time.

Apart from this, the traders would also be able to request for physical delivery settlement of their Comex gold and silver futures from their Interactive Broker (IB) accounts. IB is known for bringing a huge range of instruments across more than 100 markets for its users to trade in and this launch of US Spot Gold would be liked by its users as it gives them a chance to hold gold in their accounts.

Gold has always been considered as a hedge against risk and inflation and with the pandemic ruling many parts of the world for close to 2 years now, investors and traders are looking for a safe haven to park their funds in. Gold provides such an alternative to them and hence, this introduction of Gold Spot trading at Interactive brokers would be a boost for them.

“Interactive Brokers’ advantage has always been our low cost, advanced technology, and breadth of product worldwide for sophisticated individual traders and institutional investors,” said Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers. “The addition of spot gold and physical metals delivery continues our mission to equip our clients with the products and tools they need to succeed in all market conditions.”

Interactive Brokers would be charging anywhere between 0.7 bps to 1.5 bps for each trade depending on the volume with the minimum charge being $2. IB also says that the traders would be able to trade this commodity instrument similar to how they trade stocks, bonds, options and futures in their platform.

With the ability to request for physical delivery also being added into the TradeStation platform of Interactive Brokers, it is expected that the trading volumes in US Spot Gold would get a boost as more investors are likely to prefer this option to hedge against any kind of risk that they see.

It may also be noted that IB recently hired Michael Mcclain as its Director of Client Operations for North America in a push for more sales and volumes and added business from this region.

Gold prices have been rising over the last few weeks after falling at the start of the year. It is expected that the gold prices would continue to challenge the highs that were seen last year as more and more investors look to gold as a safe haven investment and this is likely to keep the demand and the prices high.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<