Gold News

Gold firms-up as the dollar falls on weak data in the housing sector

Gold firms-up as the dollar falls on weak data in the housing sector

Gold’s Pool-Position is 54% Long, meaning that most Finotec clients are buying the precious metal.

Gold prices were firm in Europe on Tuesday, having touched near three-week highs earlier in the session, as the dollar languished versus the euro after data showed a steep drop in U.S. pending home sales for November. Standard Chartered analyst Daniel Smith said he was cautious on the outlook for the metal. “Our view is that the dollar will be more range bound than it was late last year, and that will make any upward rallies in gold difficult to sustain,” he said. Weakness in the U.S. unit boosts gold’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. Gold is trading at $1,121 as of 21:00pm, GMT, with a bullish trend. Gold’s Pool-Position is 54% Long, meaning that most Finotec clients are buying 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