Gold News

Gold is trading at $1021 as of 9:26am, London Time. Gold’s Pool-Position is 19% Long, meaning that most Finotec clients are Selling the precious metal.

Gold Climbs as the Dollar continues to drop and investor’s hedge

Gold is trading at $1021 as of 9:26am, London Time. Gold’s Pool-Position is 19% Long, meaning that most Finotec clients are Selling the precious metal.

Gold advanced, erasing an earlier decline, as signs of a recovering global economy spurred demand for precious metals as a hedge against rising inflation. “Yesterday’s higher-than-expected U.S. CPI numbers spurred further investment demand,” said Stefan Graber, an analyst with Credit Suisse Group in Singapore. “The move above the $1,000 mark is being warranted by the fundamentals” such as a weak dollar and inflation. “There’s no Asian demand at all because of higher prices,” Kate Harada, a senior trader with Mitsubishi Corp., said today from Tokyo. “The current rally in precious metals is purely speculative and technically driven.” Gold is trading at $1021 as of 9:26am, London Time. Gold’s Pool-Position is 19% Long, meaning that most Finotec clients are Selling the precious metal.