Gold News

Gold trading below $900 on stock market gains

Gold trading below $900 on stock market gains

Gold fell towards $890 per ounce on Thursday, coming under pressure from extended gains in equities markets

Gold fell towards $890 per ounce on Thursday, coming under pressure from extended gains in equities markets, but a fall in the dollar versus the euro limited losses. World stocks struck a four-month peak on Thursday, powered by gains in Asia, as investors took heart from a record drop in U.S. business inventories and surprisingly robust consumer spending. Profit-taking has since capped the precious metal, but a reversal in the dollar’s jump on safe-haven buying earlier this week is providing support, traders said. Gold is trading at $898 as of 9:20am, London Time. Gold’s Poll-Position is 58% Long, Meaning that just over half of Finotec traders are buying the precious metal.