Gold News

Gold is trading at $1044 as of 21:31PM, GMT with a bullish trend. Gold’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the precious metal.

Gold rises as economic optimism reduces the appeal of the dollar

Gold is trading at $1044 as of 21:31PM, GMT with a bullish trend. Gold’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the precious metal.

Gold rose toward the $1,050 resistance level an ounce today, gaining 2 percent after data showing optimistic U.S. economic growth knocked the dollar and sent Wall Street into a rally. Gold has recently climbed in tandem with rising equities, driven by economic optimism. Historically, the metal moves in opposite direction to stocks because of bullion’s appeal as a safe haven in terms of crises. “The U.S. GDP was better than expected, and that has encouraged some more risk appetite to come into the complex, as the U.S. dollar weakens,” said Standard Chartered analyst Daniel Smith. Gold investors took heart as the U.S. stock market added gains in afternoon trade, reversing heavy losses from the previous two sessions. Gold is trading at $1044 as of 21:31PM, GMT with a bullish trend. Gold’s Pool-Position is 82% Long, meaning that most Finotec clients are buying the precious metal.