Gold News

Gold holds firm around the $1,000 mark as investors sell the greenback

Gold holds firm around the $1,000 mark as investors sell the greenback

Gold is trading at $999 as of 9:21am, London Time. Gold’s Pool-Position is 12% Long, meaning that most Finotec clients are selling the precious metal.

Gold prices gained on Wednesday to remain around $1,000 per ounce on speculative buying, while the dollar remained under pressure. Analysts said the gold market was supported by Barrick Gold, the world’s top gold miner, which said on Tuesday it would issue $3 billion (1.8 billion pounds) in stock to eliminate all of its fixed-price gold hedges and a portion of its floating hedges. “Barrick Gold said that they are going to end gold hedges in the third quarter, which means they are buying back what they sold before,” said Eugen Weinberg, an analyst at Commerzbank. “It would be the reason for the increase.” “You also have strong investment interest at the moment … media interest in this $1,000 mark is also increasing the interest from the speculative side.” Gold is trading at $999 as of 9:21am, London Time. Gold’s Pool-Position is 12% Long, meaning that most Finotec clients are selling the precious metal.