Gold News

Gold declines as it hits its highs yesterday and investors decide to sell

Gold declines as it hits its highs yesterday and investors decide to sell

Bullion, which touched $962.51 an ounce yesterday, snapped a three-day gain as the dollar rebounded

Gold declined on speculation that the metal’s rise to an almost two month high may cause investors to sell some of their holdings. Bullion, which touched $962.51 an ounce yesterday, snapped a three-day gain as the dollar rebounded against a basket of six major currencies from a 10- month low. A stronger U.S. currency saps demand for commodities priced in dollars. Gold holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, were unchanged at 1,072.87 metric tons as of Aug. 3, according to data on the company’s Web site. Gold is trading at $952 as of 9:24am, London Time. Gold’s Pool-Position is 79% Buy, meaning that most Finotec clients are buying the precious metal.