Gold News

Gold is trading at $1048 as of 8:35am, GMT. Gold’s pool-Position is 87% Long, meaning that most Finotec clients are buying the precious metal.

Gold may rise as equities drop on market fears and CTI bankruptcy

Gold is trading at $1048 as of 8:35am, GMT. Gold’s pool-Position is 87% Long, meaning that most Finotec clients are buying the precious metal.

Gold, little changed, may rebound on speculation that investors will seek safer assets after equities slumped and the bankruptcy of lender CIT Group Inc. sapped confidence in an economic recovery. “The U.S. dollar is still hovering near very low levels, which makes more cash flow into the market, so there’s still a great chance for a higher price,” said Kate Harada, a senior trader with Mitsubishi Corp. Futures & Securities Ltd. in Tokyo. Gold holdings in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, fell 0.1 percent to 1,103.52 metric tons as of Oct. 30, according to the company’s Web site. Gold is trading at $1048 as of 8:35am, GMT. Gold’s pool-Position is 87% Long, meaning that most Finotec clients are buying the precious metal.