DowntownForex

Gold drops as the Dollar gains momentum and investor take on risk

By ForexDistrict -

Gold is trading at $930 as of 9:13am, London Time. Gold’s Pool-Position is 32% Long, meaning that most Finotec clients are selling the precious metal.

Gold declined against the Dollar as a rallying greenback eroded interest in the precious metal. The greenback gained against most of the major currencies after Russia’s Finance Minister Alexei Kudrin said the nation has full confidence in the U.S. currency. Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, have remained unchanged at 1,132.15 metric tons since. “The gold price tumbled lower, affected by the firmer tone of the U.S. dollar,” David Moore, commodity strategist at Commonwealth Bank of Australia, said in an e-mail today. Gold is trading at $930 as of 9:13am, London Time. Gold’s Pool-Position is 32% Long, meaning that most Finotec clients are selling the precious metal.

As originally posted on Forex District.

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