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.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More