Gold News

Gold’s Pool-Position is 44% Long, meaning that most Finotec traders are selling the precious metal.

Gold gains and may reach $1,000 an ounce as the Dollar weakens

Gold’s Pool-Position is 44% Long, meaning that most Finotec traders are selling the precious metal.

Gold climbed as a slumping dollar increased demand for the precious metal as a store of value. Silver gained to the highest since August. Precious metals advanced as the dollar dropped to the lowest since Dec. 18 against a basket of six major currencies, after posting its biggest monthly loss this year in May. Canada’s Claymore Investments Inc on Friday said it has bought 345,000 ounces of gold bullion at an average price of $959.05 (586 pounds) per ounce in conjunction with the launch of its gold bullion fund. Gold is trading at $987 as of 9:12am, London Time. Gold’s Pool-Position is 44% Long, meaning that most Finotec traders are selling the precious metal.