Gold News

Gold rises above $925 as the dollar weakens and investor look for havens

Gold rises above $925 as the dollar weakens and investor look for havens

investors focused on the dollar’s weakness, boosting its appeal as an alternative to the greenback

Gold extended gains to above $925 on Wednesday, as investors focused on the dollar’s weakness, boosting its appeal as an alternative to the greenback, but resurgence in risk appetite may limit bullion’s gain. The dollar slumped to a four-month low against a basket of currencies on Wednesday and faces renewed selling amid a recovery in risk appetite that has curbed safe-having buying. A Singapore-based trader said gold’s upward momentum was triggered after stop orders were hit at $925, lifting prices above $927. Gold is trading at $928 as of 9:21am, London Time. Gold’s Pool-Position is 34% Long, meaning that most Finotec traders are Selling 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