Gold News

Gold’s Pool-Position is 76% Long, meaning that most Finotec clients are buying the precious metal.

Gold steadies above $1,100 after its record high as investors wait on dollar dir

Gold’s Pool-Position is 76% Long, meaning that most Finotec clients are buying the precious metal.

Gold steadied above $1,100 an ounce on Friday after retreating from a record high the previous day, hit by a recovery in the dollar. “Gold retreated from the record high of $1,122.85 hit early yesterday as the dollar recovered after lower-than-expected U.S. weekly jobless claims enhanced hopes for the recovery of the world’s largest economy,” Investec Bank (Australia) Ltd said in a report on Friday. It was poised to rise 1 percent this week after rising 4.9 percent last week, the biggest weekly gain since late April, amid hopes for more central bank buying after news that the International Monetary Fund had sold 200 metric tons of bullion to India’s central bank. Gold is trading at $1,109 as of 9:22am, GMT with a bullish trend. Gold’s Pool-Position is 76% Long, meaning that most Finotec clients are buying the precious metal.