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.