Gold News

Gold falls for a fourth day as the dollar gains and investors use it for safety

Gold falls for a fourth day as the dollar gains and investors use it for safety

Gold is trading at $1,090 as of 7:58am, GMT, with a bearish trend

Gold declined as gains in the dollar eroded demand for the metal as an alternative investment. “Investor money looking for safe assets should be the factor” driving gold lower, said Tetsuya Yoshii, vice president for derivative products with Mizuho Corporate Bank Ltd. in Tokyo. Bullion “might have a $20 to $40 correction on the downside,” he said. Gold holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, were unchanged at 1,106.99 metric tons as of yesterday, according to the company’s Web site. Gold is trading at $1,090 as of 7:58am, GMT, with a bearish trend. Gold’s Pool-position is 46% Long, meaning that most Finotec clients are selling the precious metal.