Gold News

The U.S. Dollar Index, a six-currency gauge of the greenback’s value, gained 1.4 percent yesterday, the biggest jump in more than four months

Gold stable as investors await on the dollar for direction

The U.S. Dollar Index, a six-currency gauge of the greenback’s value, gained 1.4 percent yesterday, the biggest jump in more than four months

Gold advanced, paring the biggest decline in almost two months yesterday, as a drop in the dollar increased demand for the metal as an alternative investment. Bullion rose as much as 0.6 percent as a recovery in the currency stalled.

The U.S. Dollar Index, a six-currency gauge of the greenback’s value, gained 1.4 percent yesterday, the biggest jump in more than four months. Gold typically moves in the opposite direction to the dollar. Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, yesterday decreased 1.53 metric tons to 1,132.50 tons, dropping from a record 1,134.03 tons, the company’s Web site showed. Gold is trading at $970 as of 9:30am, London Time. Gold’s Pool-position is 46% Long, meaning that just over half of Finotec clients are selling the precious metal.