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.