Gold News

Gold edged down on Thursday after hitting a new record above $1,150 per ounce the previous day when inflation fears fuelled by stronger-than-expected U.S. consumer prices added to an already bullish mood.

Gold slows down after hitting $1,150 as the dollar rallies again

Gold edged down on Thursday after hitting a new record above $1,150 per ounce the previous day when inflation fears fuelled by stronger-than-expected U.S. consumer prices added to an already bullish mood. The dollar gained some ground against a basket of currencies on Thursday, slightly sapping gold’s momentum. The metal is often bought as an alternative to the U.S. currency. Bullion hit an all-time high of $1,152.75 on Wednesday, having notched up record highs in eight of the 12 sessions until Wednesday, rising nearly 9 percent during the period. Gold is currently trading at $1,145 as of 7:56am, GMT with a bearish trend. Gold’s Pool-Position is 43% 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