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.