Gold News

Gold’s Pool-position is 93% Long, meaning that most Finotec clients are buying the precious metal.

Gold hits a new high at $1,097 as the Fed keeps interest rates at 0%

Gold’s Pool-position is 93% Long, meaning that most Finotec clients are buying the precious metal.

Gold hit a record high above $1,097 an ounce on Wednesday as dollar weakness added to momentum triggered by India’s purchase of 200 metric tons of gold from the IMF. The Fed also kept interest rates at an all time record low which added to the dollar’s woes. The IMF said on Tuesday it had sold 200 metric tons of gold to the Reserve Bank of India, half of a long-planned bullion sale that had threatened to slow gold’s ascent. “India has (prompted) new speculation of pent-up demand for gold diversification by central banks,” said Michael Lewis, head of commodities research at Deutsche Bank. Gold is trading at $1092 as of 21:07pm, GMT. Gold’s Pool-position is 93% Long, meaning that most Finotec clients are buying the precious metal.