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.