Gold News

Gold is trading at $1039 as of 20:51PM, GMT. Gold’s Pool-Position is 94% Long, meaning that most Finotec clients are buying the precious metal.

Gold tumbles as the dollar rises and investors abandon the metal

Gold is trading at $1039 as of 20:51PM, GMT. Gold’s Pool-Position is 94% Long, meaning that most Finotec clients are buying the precious metal.

Gold fell for a fourth straight session, the longest slide since August, amid concern that the dollar will extend a rally, curbing demand for the precious metal as an alternative asset. A rise in bets on a drop in futures is a “signal that an increasing proportion of market players view the current gold price as unsustainable,” Eugen Weinberg, a Commerzbank AG analyst in Frankfurt, said yesterday in a report. “Should this sentiment spread further, gold could come under considerable pressure.” Holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, fell 1.22 metric tons to 1,106.87 tons as of yesterday. The holding reached a record of 1,134 tons as of June 1. Gold is trading at $1039 as of 20:51PM, GMT. Gold’s Pool-Position is 94% Long, meaning that most Finotec clients are buying the precious metal.