Gold News

Gold in another record high at $1111 as the dollar plummets further

Gold in another record high at $1111 as the dollar plummets further

Gold’s Pool-Position is 84% Long, meaning that most Finotec clients are buying the precious metal.

Gold hit a record high above $1,111 an ounce on Monday as the dollar index fell 1 percent on expectations U.S. interest rates will remain low for the foreseeable future leading investors to show interest in the metal as an alternative asset. The precious metal is extending last week’s gains, when fund and investor buying took it to record highs at the time after India’s central bank bought 200 tons of gold from the International Monetary Fund (IMF) and the greenback weakened further. The dollar continued to weaken on Monday after a G20 meeting and U.S. jobs data convinced traders and investors alike that U.S. interest rates will stay low for the foreseeable future, offering little incentive to buy the U.S currency. Gold is trading at $1103 as of 21:20pm, GMT with a bullish trend. Gold’s Pool-Position is 84% 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