Gold News

Gold eases off its record high of $1,111 as the dollar decline comes to a halt

Gold eases off its record high of $1,111 as the dollar decline comes to a halt

Gold’s Pool-Position is 29% Long, meaning that most Finotec clients are selling the precious metal.

Gold eased off its record high of $1,111 set yesterday as a halt in the dollar’s recent decline prompted investors to lock in profits made on the precious metal. But speculation that U.S. interest rates will likely stay Low for the foreseeable future has given strong support above the $1,000 mark and gold holdings for the world’s biggest gold backed exchange traded fund the SPDR Gold Trust, climbed to a level not seen since July, with investors looking at bullion as an alternative asset to the U.S. dollar. However some investors saw the likelihood of a Correction toward $1,090-$1,080 per ounce. Gold is currently trading at $1,105 as of 21:09pm, GMT with a short bearish trend. Gold’s Pool-Position is 29% Long, meaning that most Finotec clients are selling 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