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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Gold futures decline as euro debt scourge continues

Jul 16, 2012 11:25 AM

Gold futures tracked the downward drive of the shared currency of the European Union on Monday as stock markets also were tightened, Reuters reports.

As Ben Bernanke, chief of the U.S. Federal Reserve, prepares to deliver two days of congressional testimony beginning on Tuesday, the yellowish metal is hovering at prices lower than the psychological threshold of $1,600 per troy ounce. Gains from this past Friday, the strongest in more than seven days, were being eclipsed by the Monday performance.

"The options market is skewed to the downside with a retesting of the $1,526-$1,500 levels," analyst Bayram Dincer with LGT Capital Management told Reuters. "Gold still has good value under certain conditions, but there is this correlation to the equities market, and some profit taking there can spill over into weaker gold prices. We are lacking driving forces for the time being, and gold is stagnating."

At 10:07 a.m. on Monday, gold futures dropped 0.24 percent, a $3.80 slip to $1,588.20 per troy ounce.

The aggressive nature of the sovereign debt scourge is benefiting the value of the dollar, which performs the inverse of the yellowish metal, according to Bloomberg.

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