Gold News

Gold is trading at $1017 as of 21:52PM, London Time. Gold’s Pool-Position is 23% Long, meaning that most Finotec clients are selling the precious metal.

Gold climbs as the Dollar slumps and traders hedge

Gold is trading at $1017 as of 21:52PM, London Time. Gold’s Pool-Position is 23% Long, meaning that most Finotec clients are selling the precious metal.

Gold futures touched the highest price in more than a week as the dollar weakened, boosting the appeal of the precious metal as an alternative investment. The greenback fell as much as 0.5 percent against a basket of six major currencies. Gold has gained 15 percent this year, while the dollar declined 5.7 percent. Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by the metal, rose 1.22 metric tons to 1,096.55 tons as of Oct. 2, data on the company’s Web site shows. Gold is trading at $1017 as of 21:52PM, London Time. Gold’s Pool-Position is 23% Long, meaning that most Finotec clients are selling the precious metal.