Gold News

Gold is trading at $1038 as of 20:43PM, London Time. Gold’s Pool-Position is 91% Long, meaning that most Finotec clients are buying the precious metal.

Gold tumbles as the dollar regains strength and traders take profit

Gold is trading at $1038 as of 20:43PM, London Time. Gold’s Pool-Position is 91% Long, meaning that most Finotec clients are buying the precious metal.

Gold fell after the dollar rebounded, eroding the appeal of the precious metal as an alternative asset. Silver posted the biggest decline in a month. Silver may rise to $20 next year as some investors seek a cheaper alternative to gold, Bank of America-Merrill Lynch said today in a report.“The steady increase of investment in silver was heavily influenced by increases in gold prices during the past few months,” according to the report. “Given that silver is cheaper than gold, market participants can substitute into the less-expensive alternative.” Gold is trading at $1038 as of 20:43PM, London Time. Gold’s Pool-Position is 91% Long, meaning that most Finotec clients are buying the precious metal.