Gold News

Another Record high for gold as the dollar weakens further and investor’s hedge

Another Record high for gold as the dollar weakens further and investor’s hedge

Gold’s Pool-position is 87% Long, meaning that most Finotec clients are buying the precious metal.

Gold hit a record high above $1,140 an ounce on Monday with investors cautiously preparing for the precious metal to advance towards the psychologically important $1,200 level as the U.S. dollar is expected to remain weak for now. Investors maintained their appetite for bullion as a hedge against currencies as the greenback drifted lower in Asia and the euro edged up as rhetoric over China’s yuan currency policy increased. Volatility in gold prices is expected to stay relatively high in coming days as substantial amounts of open positions remain in U.S. December gold futures call options with a strike price of $1,200, whose expiry is due next week. Gold is trading at $1,138 as of 21:54pm, GMT with bullish trend. Gold’s Pool-position is 87% Long, meaning that most Finotec clients are buying the precious metal.