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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 dive as dollar gains after euro zone political tumult

May 08, 2012 12:38 PM

The emboldened U.S. dollar dragged down gold futures to their lowest price in four months on Tuesday, according to published reports.

The yellowish metal lost as much as $40 per troy ounce and was hovering about the milestone price of $1,600 in the aftermath of weekend elections in the euro zone that caused havoc, The Wall Street Journal reports.

The leaders of the region's two top economic powers - Germany and France - are projected to disagree on the best strategies to prompt growth and deal with the sovereign debt crisis. Socialist Francois Hollande prevailed over Nicolas Sarkozy in France, upsetting the nation's strong relations with German chancellor Angela Merkel.

"What we've seen in recent weeks is rallies have been increasingly weaker on the upside, and that is a warning that we are going to see another test on the downside," analyst Daniel Smith with Standard Chartered told Reuters. "Gold didn't benefit from the latest European problems and part of that is the U.S., which has been outperforming relatively speaking, so that is handing the dollar strength."

At 11:57 a.m. on Tuesday, gold futures dropped 2.27 percent, a $37.20 loss to $1,601.90 per troy ounce.

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