Gold News

Gold hits highs as the dollar falls and investors look for a haven

Gold hits highs as the dollar falls and investors look for a haven

But gains were mainly driven by funds buying U.S. gold futures

Gold rose for the third straight day to hit a new eight-week high above $942 per ounce on Thursday, buoyed by firmness in oil prices and the dollar’s recent slide. But gains were mainly driven by funds buying U.S. gold futures, resulting in arbitrage cash gold purchases, while a rise in Asian currencies against the dollar capped the price of gold denominated in regional currencies, traders said. Gold is trading at $942 as of 9:24am, London Time. Gold’s Pool-Position is 29% Long, meaning that most Finotec clients 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