Gold News

Gold is trading at $1060 as of 21:46PM, London Time. Gold’s Pool-position is 83% Long, meaning that most Finotec clients are buying the precious metal.

Gold trades flat on a weak dollar as investors wait for the next move

Gold is trading at $1060 as of 21:46PM, London Time. Gold’s Pool-position is 83% Long, meaning that most Finotec clients are buying the precious metal.

Spot gold was steady around $1,060 an ounce on Thursday, not far from the record high marked last week as it drew investors hedging against a weaker dollar and concerned over inflation stemming from strong oil prices. A weaker dollar benefits gold as it makes it cheaper for holders of other currencies. It also enhances the metal’s allure as a hedge against depreciation in the U.S. currency. India’s gold sales for the Dhanteras festival, its biggest gold buying day, could have risen by up to 30 percent from a benchmark, as consumers expecting the near-record prices to rise further bought freely. Gold is trading at $1060 as of 21:46PM, London Time. Gold’s Pool-position is 83% Long, meaning that most Finotec clients are buying the precious metal.