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.

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