Thursday, October 29, 2009

Gold Steady At $1040 As Traders Decide On The Dollar

Gold prices steadied around $1,040 an ounce on Wednesday, staying above three-week lows hit the day before when the dollar strengthened against the euro. The dollar held gains against a basket of currencies on Wednesday while the yen rose, as investors trimmed positions in higher yielding currencies as stocks fell on weaker-than-expected U.S. consumer confidence figures. Traders and analysts said that given the rapid rise in gold prices, a pause in its rally was sensible, but the expected continuation of dollar weakness will also likely offer firm support around $1,000. Gold is trading at $1030 as of 21:33PM, GMT. Gold's Pool-Position is 82% Long, meaning that most Finotec are buying the precious metal.

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