Gold News

Gold drops slightly after the Dollar gains momentum and trader look to other as Gold’s Pool-Position is 36% Long meaning that most Finotec are Selling the precious metal.

Gold drops slightly after the Dollar gains momentum and trader look to other as Gold’s Pool-Position is 36% Long meaning that most Finotec are Selling the precious metal.

Gold was little changed, reversing earlier gains, as a rising U.S. currency reduced the appeal of raw materials priced in dollars. Gold rose earlier after U.S. stocks fell yesterday as consumer confidence trailed projections and companies posted worse than-expected results, fueling safe haven demand for the precious metal. Still, “with daily momentum rolling over, we look for further downside in the sessions ahead” toward the low of a range between $905 and $960, Barclays Capital said in a report yesterday. Gold is trading at $935 as of 9:27am, London Time. Gold’s Pool-Position is 36% Long meaning that most Finotec are Selling the precious metal.