Gold News

Gold is trading at $953 as of 9:15am, London Time. Gold’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the precious metal.

Gold rises as investors buy riskier assets and the dollar falls

Gold is trading at $953 as of 9:15am, London Time. Gold’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the precious metal.

Gold inched up to trade around $950 on Thursday, approaching the previous day’s high after the Federal Reserve said it would keep interest rates near zero, although further gains in gold were seen likely to be capped. The U.S. central bank also made its clearest statement to date on Wednesday that it sees the recession nearing an end and shattered financial markets are healing. “Gold prices were bolstered by the U.S. Federal Reserve when at the FOMC meeting it signaled its strong resolve to keep interest rates at near zero, thereby enhancing bullion’s status as a hedge against inflation,” Investec Bank (Australia) Ltd said in a report. Gold is trading at $953 as of 9:15am, London Time. Gold’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the precious metal.