Gold News

President Barack Obama warned over the weekend that the U.S. economy remains under strain

Gold steady and trading in the $870’s as demand for ETFs fall

President Barack Obama warned over the weekend that the U.S. economy remains under strain

Gold steadied on Monday near the three-month low hit on Friday, with increased risk aversion offset by a rise in the dollar. President Barack Obama warned over the weekend that the U.S. economy remains under strain, while his top economic adviser moved to temper hopes for a speedy recovery, keeping fears about the global economy alive.

“The decline in gold prices is a reflection of the fact that at present, safe-haven demand for gold (has) abated,” said David Moore, commodities strategist of Commonwealth Bank. Gold is trading at $871 as of 9:15am, London Time. Gold’s Pool-Position is 69% Long, meaning that most Finotec clients are buying the precious metal.