Gold drops as the dollar strengthens and Greece weighs on the euro

Gold fell on Wednesday as a weak euro against the greenback amid fiscal worries in euro zone countries especially Greece weighed down on sentiment.

Gold’s Pool-Position is 67% Long, meaning that most Finotec clients are buying the precious metal

Gold fell on Wednesday as a weak euro against the greenback amid fiscal worries in euro zone countries especially Greece weighed down on sentiment.”The correlation between gold and other key commodities is very high at the moment, they are all trading together,” said Jesper Dannesboe, commodity strategist at Societe Generale. Gold prices have reacted negatively in recent weeks to any talk suggesting that U.S. monetary policy could be tightened. Higher U.S. interest rates could dent the appeal of gold as a non-interest bearing asset. Gold is trading at $1109 as of 21:45pm, GMT, with a bullish trend. Gold’s Pool-Position is 67% 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