Gold News

Gold approached the key $1,000 level last week, bolstered by talk of systemic risk in the dollar, including worries about rising inflation.

Gold climbs slightly as the dollar weakens and investors look for a safe haven

Gold approached the key $1,000 level last week, bolstered by talk of systemic risk in the dollar, including worries about rising inflation

Gold prices inched up on Monday as the dollar weakened, prompting investors to buy back gold after it lost 2 percent late last week when optimism about the economy reduced bullion’s safe-haven appeal. Spot gold earlier fell to its lowest since May 28 of $951.50 per ounce. But it was up 0.4 percent at $958.90 per ounce, compared with New York’s notional close of $955.30 on Friday. Gold approached the key $1,000 level last week, bolstered by talk of systemic risk in the dollar, including worries about rising inflation due to huge U.S. government spending and a ballooning budget deficit. Gold often benefits as a hedge against falling value in dollar-denominated assets. Gold is trading at $948 as of 9:24am, London time. Gold’s Pool-Position is 75% Long, meaning that most Finotec clients are buying the precious metal.

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