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.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More