Gold News

Gold is trading at $1065 as of 22:09PM, London Time. Gold’s pool-position is 92% Long, meaning that most Finotec clients are buying the precious metal.

Gold is stable as the dollar firms-up and investors await the next move

Gold is trading at $1065 as of 22:09PM, London Time. Gold’s pool-position is 92% Long, meaning that most Finotec clients are buying the precious metal.

Gold was little changed around $1,050 per ounce on Monday, pressured by a firmer dollar, as the precious metal took a breather and consolidated gains from last week’s rapid climb to historic levels. Gold’s recent movements were largely led by currency markets, as investors fretted over economic uncertainty after governments and central banks pumped massive liquidity to battle recession. A nationwide strike by miners in Peru, the world’s No. 6 producer of gold, also improved buying sentiment. Dollar weakness was identified by analysts as the primary driver behind gold’s rally to record highs last week. Commodities priced in dollars become cheaper to non-dollar investors as the U.S. currency weakens. Gold is trading at $1065 as of 22:09PM, London Time. Gold’s pool-position is 92% Long, meaning that most Finotec clients are buying the precious metal.