Gold News

Gold is trading at $1060 as of 22:03PM, London Time. Gold’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the precious metal.

Gold gains as the Dollar slumps and the Euro goes above $1.50

Gold is trading at $1060 as of 22:03PM, London Time. Gold’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the precious metal.

gold steadied above $1,050 per ounce on Wednesday after snapping back a day earlier from two days of gains on a recovery in the dollar, with investors looking to corporate earnings for a clue to direction. Gold is often seen as a hedge against a weakening dollar. A weaker dollar also makes gold and other commodities cheaper for holders of other currencies. It hit a record high above $1,070 last week. But physical buying by the jewellery sector has disappeared, putting a cap on further buying. Gold is trading at $1060 as of 22:03PM, London Time. Gold’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the precious metal.